- 14 Nov 2024
- ICICISEC
MISHRA DHATU NIGAM LIMITED'S Q2FY25 RESULTS - STRONG OPERATIONAL PERFORMANCE LED BY IMPROVEMENT IN EXECUTION
News: Revenue increased by 15.2% YoY (+60.4% QoQ) at Rs 262.1 crore. EBITDA margin improved by 272 bps YoY (+442 bps QoQ) to 18.7%. Subsequently, EBITDA increased by 34.9% YoY (+110% QoQ) to Rs 49 crore. PAT was up 70.3 % YoY (+348.4% QoQ) to Rs 23.7 crore. The H1FY25 revenue is up 2.5% YoY at Rs. 425.6 crore with EBITDA margin stands at 17% (vs 18.7% in H1FY24). PAT is down 11.1% YoY to Rs 29 crore in H1FY25.
Views: Operational performance during the quarter improved significantly, led by pick-up in execution. This was largely in-line with expectations as management also guided for improvement in execution after a muted Q1FY25. Margins also improved led by positive operating leverage. Considering the management’s guidance of 20-25% revenue growth in FY25, execution should pick-up further in H2FY25. Order backlog remains strong at ~Rs 1820 crore (1.7x TTM revenues), led by healthy order inflows of ~Rs 500 crore during H1FY25 (~Rs 324 crore in Q2FY25). Going ahead, further pick-up in execution & margins expansion would be the key monitorable for the coming quarters.
Impact: Positive