- 02 Aug 2024
- ICICI Securities
KSB Q1FY25 - Steady performance
KSB - 884 Change: 17.30 (2.00 %)News: Revenue increased by 9.3% YoY (+18.7% QoQ) to Rs 646 crore. Revenue from pumps segment (~84% of revenues) increased by 7.7% YoY (+20.1% QoQ) to Rs 540.6 crore while revenue from valves segment (~16% of revenue) was up 17.8% YoY (+12% QoQ) to Rs 106.4 crore. EBIDTA margin was largely flattish YoY at 14% (+283 bps QoQ). Subsequently, EBIDTA was up 6.3% YoY (+48.8% QoQ) to Rs 90.6 crore. PAT came at Rs 68.1 crore (+8.4% YoY, +52.7% QoQ). For H1CY24, revenue growth stands at 10% YoY with EBITDA margin largely flattish at 12.7%.
Views: Operational performance of the company remains steady during H1CY24. Outlook remains healthy for KSB considering the strong order inflows from segments like industrials, petrochemical, nuclear, water & wastewater, building services etc. Moreover, with a focus on expanding product portfolio and increasing share of margin-accretive after-market segment and exports, we believe that company’s operational performance to improve further in the coming period.
Impact: Positive