The shares of MTAR Technologies tumbled to over 6% on August 14, hitting an intraday low of ₹1,672.05 apiece, after its unimpressive financial results for the quarter ending on June 30, 2024. At 11:20 a.m., a partial recovery had helped the stock to down still 4%, to sell at ₹1,709.00 per share.
The company posted a sharp decline in profit after tax at ₹4.4 crore down by 78% y-o-y. Revenue was down 16% y-o-y to ₹128.3 crore. MTAR Tech had posted a PAT of ₹20.3 crore and revenue of ₹152.6 crore in the same quarter last year.
Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) of the firm spiraled down by 52% YoY to ₹16.6 crore, with the EBITDA margin coming in at 12.9% from 22.6% in comparative.
MTAR Technologies has a diversified order book at the end of June 30, 2024, valued at ₹ 894.2 crore. Managing Director Parvat Srinivas Reddy said the performance is weak but expressed his optimism, as more orders are likely in Clean Energy and others in the remaining fiscal.
Over the past six months, the stock has underperformed, having dropped almost 2%, unlike the 10% garnered on Nifty 50. During the early days of August, MTAR Tech was more than 10% down from its shares, one direction that wiped off the made gains of the last two months.
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Source: Moneycontrol
News Desk
