MTAR Technologies shares slip over 10% after weak Q3 show; here is what management says about company's revenue
At around 10:29 a.m., shares of MTAR Technologies traded 10.93 per cent or Rs 209.5, lower at Rs 1,706.7 apiece. The market capitalisation of the company at around the same time stood at Rs 5,249.74 crore.
MTAR Technologies shares lost over 10 per cent in morning deals on Wednesday (February 14) and touched the day's low of Rs 1,709.4 apiece. The stock declined after the aerospace and defence company posted weak numbers for Q3 FY24.
At around 10:29 a.m., shares of MTAR Technologies traded 10.93 per cent or Rs 209.5, lower at Rs 1,706.7 apiece. The market capitalisation of the company at around the same time stood at Rs 5,249.74 crore.
How did MTAR Technologies perform in Q3?
The company reported a decline of 67 per cent in the profit after tax (PAT) at Rs 10.4 crore against Rs 31.4 crore logged a year ago. The revenue stood at Rs 118 crore against Rs 160 crore, which implies a slip of 26.3 per cent year-on-year (YoY).
The earnings before interest, tax, depreciation, and amortisation (EBITDA) for the third quarter ended December 31 (Q3 FY24) stood at Rs 23.4 crore against Rs 45 crore a year ago, which is a plunge of 48 per cent. The company's margin declined 820 basis points to 19.8 per cent from 28 per cent a year ago.
As per the filing, the company received Rs 295.4 crore worth of orders in various sectors, including clean energy, civil nuclear power, fuel cells and hydel, space, defence, products, and others, in Q3 FY24.
MTAR Technologies management commentary
"Revenues in FY24 shall be marginally higher as compared to FY23 due to the deferment of export shipments in the clean energy sector to the next fiscal year," said Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies.
Reddy added, however, that the growth outlook for FY25 remains intact, with a 45 to 50 per cent YoY likely increase in revenues. The company is in its final stages of discussion with reputed global MNCs and has made good progress in the Small Satellite Launch Vehicle project.
MTAR Technologies share price: Past performance
In a year, shares of MTAR Technologies have lost over 1 per cent, underperforming the Nifty 50's rise of 20 per cent.
Catch the latest stock market updates here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
If you make RDs of Rs 5,000, Rs 10,000, Rs 15,000, and Rs 20,000 in post office, what will be your maturity amount?
Atal Pension Yojana EPFO National Pension System SWP Retirement Planning schemes provide pension every month
Special Live Trading Session on Saturday: Know why BSE, NSE will remain open on May 18; check timings
Bandhan Bank Q4 FY24 Results Preview: PAT, interest income likely to grow in almost double digits; asset quality may improve
Gold and Silver rate today (May 16, 2024): Yellow metal futures subdued; white metal hits record high breaches Rs 87,000 mark
11:10 AM IST