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News: Revenue declined by 12.9% YoY (-59.7% QoQ) to Rs 163.5 crore in Q1FY25 due to poor execution. EBITDA was down 43.9% YoY (-71% QoQ) to Rs 23.3 crore as EBITDA margin also contracted by 788 bps YoY (-557 bps QoQ) to 14.3%. PAT was down 71.7% YoY (-88.6% QoQ) to Rs 5.3 crore
View: Operational performance was significantly below expectations, primarily due to lower-than-expected execution. Order backlog stands at ~Rs 1758 crore (1.7x TTM revenues) with order inflows at Rs 173 crore during the quarter. Considering the management’s guidance of 20-25% revenue growth in FY25 with improvement in margins YoY (guidance given in last quarter’s earnings call), pick-up in execution & margins expansion would be the key monitorable for the coming quarters
Impact: Negative