Revenue from operations stood at Rs 166.8 crore in Q2 FY24 as against Rs 126.2 crore in Q2 FY23, 32.2% increase YoY.

EBITDA improved by 3.4% to Rs 36.1 crore in Q2 FY24 from Rs 34.9 crore in Q2 FY23.

Profit before tax in Q2 FY24 stood at Rs 25.7 crore, down 22.1% from Rs 33 crore in Q2 FY23.

Parvat Srinivas Reddy, managing director & promoter, MTAR Technologies, said: “We revise our annual guidance for FY24 to a revenue of around Rs 670 crore – Rs 700 crore as against previous guidance of around Rs 830 crore – Rs 860 crore with an EBITDA of around 26% [(+/-) 100 basis points] as against previous guidance of around 28% [(+/-) 100 basis points] due to deferment of shipment plans against the confirmed orders from Clean Energy to the next fiscal year.

Long-term growth of the company remains intact as the sectors MTAR is catering to are witnessing significant growth. In addition, we expect there will be an acceleration of orders inflow from H2 FY24.”

MTAR Technologies is a leading manufacturer engaged in manufacturing and development of mission critical precision engineered systems catering to clean energy – civil nuclear power, fuel cells, hydel & others, space, and defence sectors. The company has a long-standing relationship of over four decades with leading Indian organisations and global OEMs. It has seven strategically based manufacturing units including an export-oriented unit each based in Hyderabad, Telangana.