MAN Industries reported a 4% increase in its revenue from operations to INR 658 crore in Q3FY23 compared to INR 630 crore seen in the year-ago period while the same increased by 42% q-o-q as compared to INR 465 crore in Q2FY23.
EBIDTA surges q-o-q: The company reported an EBIDTA of INR 58.80 crore, surging 284% compared to INR 15.30 crore a quarter ago. However, EBIDTA inched down by 1% against y-o-y INR 59.10 crore in Q3FY22.
PAT rises q-o-q: MAN Industries reported a PAT of INR 37.20 crore, up by 629% compared to INR 5.10 crore in the preceding quarter. The same increased by 19% as against INR 31.30 crore in Q3FY22.
The increase in performance in Q3 was mainly due to the timely execution of projects. All project orders were executed on time for the scheduled delivery date, giving the company the confidence to achieve its annual targets. In addition, the company is experiencing good demand for its products and is actively participating in tenders as raw material prices soften. Thus, better realisations are expected to continue.
Highlights
Order books: The company’s unexecuted order book stands approximately at INR 700 crore. Of this, INR 500 crore are new orders including INR 4.50 crore of exports. In addition, 50% of the orders are a mix of the oil and water sectors.
The company continues to have a robust bid book of more than INR 18,500 crore at various stages of evaluation for several oil, gas and water projects both in the domestic and global markets.
Update on projects: The ERW steel pipes project is completed and trial operations are expected to commence from next week at an existing facility in Anjar, Gujarat. Moreover, the project cost is approximately INR 170 crore which will add 1,25,000 million tonnes per annum to the current capacity.
The stainless steel project is also progressing well, with orders for key critical equipment already received from Europe and Japan. The project cost is approximately INR 500 crore and is expected to be completed in the third quarter of FY24.
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