MTAR Technologies (MTARTECH) Q4 23/24 earnings summary

Executive summary

• Revenue grew marginally to ₹5,800.33 Mn in FY24 (1.17% YoY), with net profit at ₹562.68 Mn, down from ₹1,040.75 Mn in FY23 due to lower operating leverage and deferred shipments in Clean Energy and Space segments.

• EBITDA margin declined to 19.25% from 26.85% in FY23, mainly due to product transition, increased fixed costs, and delays in customer clearances.

• The company’s order book stood at ₹9,151 Mn as of March 31, 2024, with an expected increase to ₹15,000 Mn by March 31, 2025.

Financial highlights

• Revenue from operations: ₹5,800.33 Mn (FY24) vs ₹5,733.47 Mn (FY23).

• EBITDA: ₹1,116.72 Mn (FY24) vs ₹1,539.62 Mn (FY23).

• Net profit: ₹562.68 Mn (FY24) vs ₹1,040.75 Mn (FY23).

• EPS: ₹18.29 (FY24) vs ₹33.83 (FY23).

• ROCE: 10.60% (FY24) vs 19.96% (FY23).

• Interest coverage ratio: 4.30x (FY24) vs 10.72x (FY23).

• Operating cash flow: ₹554.71 Mn (FY24).

Outlook and guidance

• Projected revenue growth of 30–35% YoY in FY25, with EBITDA margin guidance at 22% ±100 bps.

• Clean Energy–Fuel Cells revenue expected to grow 15% YoY in FY25; Space vertical to triple revenues to ₹1,200 Mn.

• Order book expected to increase by 55–60% by end of FY25.

• Focus on expanding customer base, product portfolio, and operational efficiency to improve margins from FY26 onward.