Another strong quarter. Revenue up 73% yoy,EBITDA up 113% & PAT up 116%. Margins continue to be steady around 27%.
Quarterly run rate is close to 470 cr annual revs & now this is before the 25% capacity addition comes on line. Just like last quarter,it’s interesting to compare management’s guidance vs. their delivery:
guidance of 22% EBITDA and delivery in the 25-30% range
Revenue guidance of 350 cr while 9m revs are already at 290 cr. Q4 being the strongest quarter even taking Q3 run rate one gets 400 cr kinda revs for FY24. So 40% growth vs. 25% that management guided.
Macro continues to be very strong for the sector with much of the electrical infra in developed countries nearing replacement(as referenced by Apar) while new demand is being driven by renewable sector. Even domestically,things are looking very good. Companies that supply to utilities have mentioned how new tenders are at much higher GMs(6-700 bps) While Shilchar has no exposure to government supplies it stands to reason that pricing environment for other sub segments should also be benign. @T11 has shared good data points. Onto the concall tomorrow now.
Disc.: Invested. Views are biased.
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