MTAR Tech plummets 12% on weak Q2, slashed FY24 guidance

The management trimmed revenue guidance for FY24 to Rs 670 crore-Rs 700 crore from Rs 830 crore-Rs 860 crore

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MTAR Technologies’ investors made their disappointment with weak September quarter results known as the stock crashed 12 percent on November 9.

Around 1.7 million shares of the company had exchanged hands on NSE and BSE by mid-day against one-month average of 0.3 million.

The fall pushed the stock 23 percent below its 52-week high of Rs 2,920 touched on September 11.

The company’s profit declined 17 percent on-year to Rs 20 crore. Its revenue, however, jumped 32 percent on-year to Rs 166 crore in Q2FY24, whereas earnings before interest, tax, depreciation, and amortisation (Ebitda) increased 3.4 percent on-year to Rs 36.1 crore.

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The management trimmed revenue guidance for FY24 to Rs 670 crore-Rs 700 crore against previous Rs 830 crore-Rs 860 crore due to deferment of shipment plans against confirmed orders from the clean-energy sector.

The FY24 guidance for Ebitda growth, too, was reduced to 26 percent from 28 percent.

The long-term growth of the company was intact, as the sectors MTAR catered to were witnessing significant growth. “We expect acceleration of order inflows from the second half of fiscal year 2023-24,” Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Tech, said.

MTAR Tech is a leading precision engineering company engaged in the manufacture of mission critical precision components with close tolerances (5-10 microns) for sectors such as clean energy, nuclear, space and defence.

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In the September-ended quarter, foreign institutional investors increased their holdings to 8.8 percent from 4.5 percent in the previous quarter.

Mutual Funds, however, trimmed their stake to 22.8 percent in the September 2023 quarter as against 25.9 percent in the previous quarter.

At 12.35 pm, the stock was trading at Rs 2,297.35 on the National Stock Exchange, down 10.04 percent from the previous close.

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