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News: Revenue increased by 16.6% YoY (-7% QoQ) to Rs 146.0 crore. Exports revenue (49% of revenues) increased by 57% YoY while domestic revenue (51% of revenue) declined by 6% YoY. EBITDA margin stood at 22.6% (flattish YoY, -119 bps QoQ). Subsequently, EBITDA increased by 17.9% YoY (-11.6% QoQ) to Rs 33.0 crore. PAT was up 29.4% YoY (-44.2% QoQ) to Rs 24.0 crore.
Views: Company’s operational performance is expected to improve significantly in the coming period, led by execution of strong order backlog which stands at Rs 810 crore (1.4x TTM revenue). Company sees strong traction in exports segment, which constituted ~58% of order backlog. Moreover, with strong enquiry pipeline, order pipeline remains healthy. Management maintains guidance of 25-30% annual growth in revenues considering the recent capacity expansion, focus on new products & increasing exports share.
Impact: Positive