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  • 25 Jan 2024
  • ICICI Securities

EXECUTION PICK-UP LED TO HEALTHY PERFORMANCE ON YOY BASIS

BDL - 1838 Change: 40.00 (2.22 %)

News: Revenue increased by 30.3% YoY (-2.3% QoQ) to Rs 601.6 crore. EBITDA margin improved by 48 bps YoY (-203 bps QoQ) to 19.7%. Subsequently, EBITDA increased by 33.6% YoY (-11.4% QoQ) to Rs 118.7 crore. PAT was up by 61.2% YoY to Rs 135.0 crore led by significant improvement in operational performance on YoY basis and higher other income of Rs 87.6 crore (+140.2% YoY). For 9MFY24, revenue is down by 10% YoY to Rs 1515.2 crore with EBITDA margin stands at 14.5% (vs 13.3% in 9MFY23).

Views: Operational performance has improved considerably on YoY basis during Q2FY24 and Q3FY24 on account of pick-up in execution after witnessing poor execution (on account of delays in receipt of key raw materials) during Q2FY23 to Q1FY24. However, it was largely expected that the revenue shortfall would be recovered from Q2FY24 onwards, as intimated by the management. Full year revenue guidance of Rs 3200 crore implies 100%+ YoY growth with significant improvement in margins. Company’s order backlog is estimated to be stood at Rs 20200 crore (~9x TTM revenues) with orders pipeline remains very strong (both domestic and exports), providing strong growth visibility in the coming period.

Impact: Positive