Hyderabad, November 3, 2021: MTAR Technologies Ltd (“MTAR”), a leading precision engineering solutions company engaged in manufacturing and development of mission critical precision components with close tolerances and critical assemblies catering to nuclear, space, defense and clean energy sectors has announced its financial results for the second quarter ended on 30th September, 2021.
Q2FY22 Highlights
Q2FY22 vs Q1FY22 (Consolidated)
Revenue from operations for the quarter ended September 30th, 2021 stood at Rs. 91.30 crore as compared to Rs. 54.03 crore in Q1FY22, 68.97% increase QOQ.
The Earnings before Interest, Tax, Depreciation and Amortization (Core EBITDA) stood at Rs. 29.44 crore in Q2FY22 as against Rs. 14.47 crore in Q1FY22, 103.43% increase QOQ. The Company’s EBITDA margin stood for Q2 FY 22 at 32.24%
Profit Before Tax (PBT) stood at Rs. 27.11 crore for Q2FY22 as compared to Rs. 12.55 crore in Q1FY22, 116.01% increase QOQ. The company’s PBT margin stood for Q2 FY 22 at 29.69%
Profit After Tax (PAT) reported stood at Rs. 19.05 crore for Q2FY22 as against Rs. 8.71 crore in Q1FY22, 118.79% increase QOQ. PAT margin stood for Q2 FY 22 at 20.87%
Operational Highlights
- Revenue from Exports is increased by 32.34% in comparison with Q2 FY 21,
- Received Rs. 220 Crs of orders from Bloom for Yuma version of SOFC units in Q2 FY 22. Qualification for Keeylocko version of SOFC units and sheet metal parts of Bloom are under progress
- Order book as on 30 Sept 2021 stands at 535.64 Crs in comparison with 288.09 Crs as on 30 Sept 2020
- The company has received a rating of A-(Positive) from ICRA and A-/Stable from CRISIL for FY 22
Commenting on the results, Mr. Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, 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 Crs with an YoY growth of 24.57%. We have posted an EBITDA of Rs. 29.44 Crs with an YoY growth of 22.26% and a net profit of Rs. 19.05 Crs with an YoY growth of 37.23%. We have received largest single order worth ~Rs. 220 Cr 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.
About MTAR Technologies Ltd BSE: 543270; NSE: MTARTECH)
MTAR has seven strategically based manufacturing units including an export-oriented unit each based in Hyderabad, Telangana. MTAR caters to Civil Nuclear Power, Space & Defence and Clean Energy sectors. The Company has a long-standing relationship of over four decades with leading Indian organisations such as Nuclear Power Corporation of India, The Indian Space Research Organization (ISRO) and the Defense Research and Development Organization (DRDO). MTAR client base also includes reputed global OEMs such as Bloom Energy, Rafael Advanced Defense Systems, Elbit Systems, among others. The company’s product portfolio comprises of assemblies for core of the nuclear island, assemblies for Space Launch Vehicles including liquid propulsion engines, Cryogenic upper Stage (Turbo pumps, booster pumps, gas generators and injector heads), electro-pneumatic modules for satellites, components and assemblies leading Indian and global defence organizations, equipment for fuel cells including Solid Oxide Fuel Cell Units, Hydrogen Units and electrolysers.
The facilities at Unit 2 and EOU of the company have been certified for ISO 14001, IS0 45001, ISO 27001 and the facilities at EOU and MTS have been certified for Nadcap. MTAR is in the process of establishing dedicated sheet metal and specialized fabrication facilities at Adibatla
Certain statements that are made in the Press Release may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, inflation, litigation, etc. Actual results might differ substantially from those expressed or implied. Route Mobile Ltd. will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.
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