- 28 Oct 2024
- ICICI Securities
ANUP ENGINEERING'S Q2FY25 RESULTS - HEALTHY PERFORMANCE CONTINUES
News: Revenue increased by 38.1% YoY (+32.3% QoQ) to Rs 193.1 crore. Exports revenue (54% of revenues) increased substantially to Rs 104.6 crore (vs Rs 28.4 crore in Q2FY24) while domestic revenue (46% of revenue) declined by 19% YoY. EBITDA margin stood at 22.4% (flattish YoY & QoQ). Subsequently, EBITDA increased by 38.2% YoY (+31.3% QoQ) to Rs 43.3 crore. PAT was up 49.8% YoY (+35.4% QoQ) to Rs 32.5 crore. For H1FY25, revenue is up ~28% YoY, mainly led by 138% YoY increase in exports revenue. H1FY25 EBITDA margin remains steady at 22.5%.
Views: Company’s operational performance remained steady during the quarter led by solid growth in exports. Company continues to see strong traction in exports segment, which constitutes ~68% of order backlog of Rs 932 crore (1.5x TTM revenue). Order inflows remain healthy at Rs 417 crore during H1FY25 (vs Rs 364 crore in H1FY24). With strong enquiry pipeline in exports, recent capacity expansions and focus on new products, management is confident of growing revenues at 25-30% annually over the next 2-3 years.
Impact: Positive