Revenue grew by 79% (on-year) in fiscal 2022, driven by growth of above 80% in the bioenergy business (both 1G and 2G) and engineering segments due to huge demand pertaining to sustainable fuel option and increasing ethanol blending initiatives. Topline increased by 67% during the first nine months of fiscal 2023, compared to the previous corresponding period. Order backlog stood at Rs 3,380 crore as on December 31, 2022, as against Rs 2,605 crore a year back, reflecting healthy revenue visibility over the medium term. Operating margin moderated to around 8.1% during the first nine months of fiscal 2023 from 8.8% in fiscal 2022 due to increase in material prices and is expected to improve over the medium term.
- CRISIL
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