Hyderabad. 06 August 2021. MTAR Technologies Ltd (“MTAR”), a leading precision engineering solutions company engaged in manufacturing and development of mission critical precision components with close tolerances and critical assemblies catering to nuclear, space, defense and clean energy sectors has announced its financial results for the first quarter ended on 30th June 2021.
Q1FY22 Consolidated Financial Highlights
- Recorded highest production of Hot Boxes per month so far in June 2021 in spite of the devastating second wave of Covid-19
- Revenue from contracts with customers (sales) has increased by 10.9% in comparison with Q1 FY21
- Revenue from Exports is increased by 52% compared with Q1 FY21 amidst the supply chain disruptions caused by the second wave of Covid-19
Commenting on the results, Mr. Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, said,
“Q1 FY22 has been quite challenging as the Nation was hit by devastating second wave, which caused supply chain disruptions across the value chain especially for the firms operating in the manufacturing sector due to labour shortages, intermittent lockdowns and delay in inspections. Despite the challenges, MTAR has clocked a revenue of Rs. 54.0 Crs with an YoY growth of 10.9%. We have posted an EBITDA of Rs. 14.5 Crs with an YoY growth of 26.6% and a Net Profit of Rs. 8.7 Crs with an YoY growth of 63.6%.
We anticipate better growth in the coming quarters of FY22 as the pandemic subsides. The order inflows from Civil Nuclear Power, Clean Energy, Space and Defence sectors are expected to be accelerated due to the huge national and global market potential available in these sectors.