- 02 May 2025
- ICICIdirect Research
KSB EBIDTA WAS UP 11 PERCENT YOY
News: Revenue increased by 9.4% YoY (-18% loQ) to Rs 595 crore. Revenue from pumps segment (~80% of total) increased by 5.3% YoY (-21.3% loQ) to Rs 473.8 crore while revenue from valves segment (~20% of total) was up 29% YoY (-2.2% QoQ) to Rs 122.4 crore. EBIDTA margin stood at 11.4% (flattish YoY, -218 bps QoQ). Subsequently, EBIDTA was up 11.2% YoY (31.2% QoQ) to Rs 67.7 crore. PAT came at Rs 51.6 crore (+15.7% YoY, -29.4% QoQ).
View: We believe that growth from domestic market segments (including standard pumps, valves and after-market) remained healthy and led to overall revenue growth during the quarter. Going forward, revenue growth visibility remains strong for KSB considering the steady demand from standard pumps and pick-up in execution across segments like nuclear, Solar etc. Order inflows also remained healthy at Rs 2700 crore during CY24. Order backlog stood at ~Rs 2250 crore as of Dec-24, of which ~60% was from nuclear segment where execution is expected to improve significantly from this year. Margins are also expected to improve led by improving product portfolio with increasing share of after-market segment
Impact: Positive