Company Update : MTAR Technologies Ltd By Motilal Oswal Financial Services Ltd
Operating performance below estimates
Performance in 3QFY25
* Consolidated revenue grew 47% YoY, while it declined 8% QoQ to INR1.75b (est. INR1.69b)
* EBITDA grew 39% YoY, while it declined 10% QoQ to INR333m (est. INR359m). EBITDA margin contracted 110bp YoY and 30bp QoQ to 19.1% (est. 21.2%). Gross margin stood at 49.7% (-220bps YoY), while employee expenses/other expenses as a % of sales stood at 18.0%/12.7% (-230bp / +120bp YoY).
* Adj. PAT grew 53% YoY, while it dipped 15% QoQ to INR160m (est. INR193m).
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