- 14 May 2025
- ICICIdirect Research
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ANUP ENGINEERING REVENUE INCREASED BY 41 PERCENT YOY
ANUP - 2720 Change: -15.50 (-0.57 %)News: Revenue increased by 41.3% YoY (+29.2% QoQ) to Rs 221.7 crore, mainly driven by strong growth in exports segment. Exports revenue (60% of revenues) increased substantially by 2x YoY to Rs 122 crore. EBITDA margin stood at 22.4% (-142 bps YoY, -30 bps QoQ). Subsequently, EBITDA increased by 32.9% YoY (+27.5% QoQ) to Rs 49.6 crore. Adjusted PAT was up 10.6% YoY (+17.9% QoQ) to Rs 31.5 crore. For FY25, revenue is up ~33% YoY to Rs 732.4 crore, mainly led by strong growth in exports revenue (+1.9x YoY). FY25 EBITDA margin stands at 22.5% (vs 23% in FY24)
View: Company’s operational performance remained steady during the quarter led by strong growth in exports segment. However, order inflows were lower than expectations as the global uncertainty on tariffs impacted the order flows during March. Consolidated order backlog stood at Rs 741 crore, implies order inflow of Rs 619 crore in FY25 (vs inflows of Rs 874 crore in FY24). Going forward, management is confident of healthy orders intake as the enquiry pipeline remains healthy. With new capacity addition at Kheda (expected by Q2FY26) and focus on new products, management has maintained revenue growth guidance of 25% for FY26E with 20%+ EBITDA margin. Exports (52% of order backlog) will remain a key growth driver as the company continues to see strong traction.
Impact: Neutral