Company Update : Avalon Technologies Ltd By Motilal Oswal Financial Services Ltd
Operating performance in line, PAT miss due to lower other income
* 4QFY25 consolidated revenue grew 58% YoY to INR3.4b (est.INR3b), aided by 73% YoY growth in India business (to INR1.6b).
* Mobility segment grew by 91% YoY, followed by 88%/47%/26%/22% growth in Clean Energy/Industrial/Communication/ Medical.
* EBITDA margin expanded by 410bp to 12.1% (est. 13.1%), largely led by operating leverage (employee costs as % of sales stood at 16.6% vs. 20.8% in 4QFY24, while other expenses stood at 6% vs. 9%). Gross margin contracted by 250bp to 35.1%.
* EBITDA jumped 2.4x YoY to INR414m (est. in line).
* Adj. PAT surged 3.4x YoY to INR243m, but came in below our est. of INR256m due to lower other income.
* FY25 revenue/EBITDA/Adj. PAT grew 27%/77%/2.3x YoY to ~INR11b/INR1.1b/ INR634m
* As of 31st Mar’25, the order book stood at INR17.6b (up 29% YoY).
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