- 02 Apr 2024
- ICICIdirect Research
MIDHANI REPORTS REVENUE GROWTH OF ~22% YOY FOR FY24; IN-LINE WITH EXPECTATIONS
MIDHANI - 397 Change: -11.95 (-2.92 %)News: Mishra Dhatu Nigam (MIDHANI) has recorded revenue of Rs 1065 crore (provisional and unaudited) for FY24, registering a growth of 22.1% YoY. Exports revenue stood at ~Rs 66.9 crore (+78.5% YoY).
Views: Revenue growth of ~22% YoY for FY24 is in-line with expectations. Implied revenue growth for Q4FY24 stands at ~15% YoY. The healthy revenue growth during the year is mainly led by ramp-up of recent capacity expansions and execution of strong order backlog. Order book stood at Rs 1762 crore as of Dec 2023 (1.7x TTM revenues) with order inflows remained strong at ~Rs 1100 crore during 9MFY24. Going ahead, revenue growth visibility remains healthy led by strong order backlog with robust pipeline for superalloys & titanium alloys. However, margin trajectory will be the key thing to watch-out for in the coming quarters as the increase in raw materials prices (mainly nickel & titanium) have impacted the margins.
Impact: Neutral