Other Industrial Products company Nelcast announced Q1FY24 results:
- Total Revenue was at Rs 296.4 crore, down 1.1% YoY and 6.0% QoQ.
- EBITDA at Rs 23.0 crore was down 1.5% YoY and up 10.2% QoQ; EBITDA margin at 7.8%
- PAT stood at Rs 7.2 crore in Q1FY24 compared to Rs 7.8 crore in Q1FY23, down 7.6% YoY
- PAT margin at 2.4%, down 17 bps YoY
Commenting on the performance P Deepak, Managing Director & CEO, said, “Our overall performance in Q1 was primarily impacted due to slowdown in the tractor segment and modest performance in the M&HCV segment on a YoY basis. However, I am pleased to share that our export revenues reported a strong growth of 23% YoY and stood at Rs 89 crore during the quarter driven by healthy order backlog. On the margin front, last quarter our EBITDA per kg was impacted due to divergence in international and domestic raw material prices, however, as expected, we saw some convergence this quarter that led to a significant improvement in the same. Our exports tend to have better realizations and contributed towards QoQ improvement in EBITDA per kg as well.
In FY24, we expect a double-digit top line growth driven by pick-up in M&HCV segment and strong growth in export markets.”