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News: Mishra Dhatu Nigam (MIDHANI) has secured an order of Rs 357 crore. With this, the order inflows during YTDFY24 stands at Rs 1100 crore. Order backlog as on date stands at Rs 1750 crore.
Views: Implied order inflow during Q3FY24 till date stands healthy at Rs 519 crore. Order backlog at Rs 1750 crore (1.8x TTM revenue) gives strong revenue visibility as a large part of this order book is to be executed in short term. Implied revenue growth for Q3FY24 also strong at 30%+ YoY. The order pipeline too remains strong for the company's products like superalloys, titanium alloys and other products. Moreover, the recent capacity expansions would help in faster execution of existing and future contracts.
Impact: Positive