On a consolidated basis, MTAR Technologies' net profit jumped 37.24% to Rs 19.05 crore on a 24.57% surge in revenue from contracts with customers to Rs 91.29 crore in Q2 September 2021 over Q2 September 2020.
Consolidated Earnings before Interest, Tax, Depreciation and Amortization (core EBITDA) stood at Rs 29.44 crore in Q2 FY22 while the EBITDA margin stood for the quarter was at 32.24%. MTAR Technologies received Rs 220 crore of orders from Bloom for Yuma version of SOFC units in Q2 FY22. Qualification for Keeylocko version of SOFC units and sheet metal parts of Bloom are under progress. The order book as on 30 September 2021 stood at Rs 535.64 crore on comparison with Rs 288.09 crore as on 30 September 2020. The company has received a rating of A-(Positive) from ICRA and A-/Stable from CRISIL for FY22.
Commenting on the results, Parvat Srinivas Reddy, the managing director (MD) and promoter of MTAR Technologies, has said, "We have witnessed an impressive growth in terms of revenue and order inflow in Q2 FY22 after the challenges imposed by Pandemic in Q1. MTAR has clocked a revenue of Rs 91.30 crore with an Y-o-Y growth of 24.57%. We have posted an EBITDA of Rs 29.44 crore with an Y-o-Y growth of 22.26% and a net profit of Rs 19.05 crore with an Y-o-Y growth of 37.23%. We have received largest single order worth Rs 220 crore from Bloom in Q2; anticipate an accelerated order inflow from domestic and exports in Q3 and Q4. We are confident of continuing this growth momentum backed by a robust order book over the coming quarters as the Indian manufacturing is at an inflection point amidst push by government on Atmanirbhar Bharat initiative."
Shares of MTAR Technologies slipped 0.67% to Rs 1,754.10 on BSE. MTAR Technologies is a niche manufacturing service provider in precision engineering and critical assembly of key components and products for various customer segments such as Civil Nuclear Energy, Space, Defence and Aerospace, Clean Energy and others.
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