Hariom Pipe Results
Very Good Results beyond my expectations 
Revenue up 43% YoY n Flat QoQ
EBITDA up 59% YoY n 6% QoQ
EBITDA margin at 13% vs 12% YoY n 12.6% QoQ
PAT up 13% YoY n 4% QoQ
Finance cost up
Operating Leverage now comes in Play (QoQ momentum started)
Overall very good set… Q1 is weak for sector and then too it has beaten Q4…
Might be Revenue expectations were high from market but Hariom has clearly beaten on Margin side
Now onwards Q1 < Q2 < Q3 < Q4
Based on guidance FY25 Revenue would be 1650-1750 Cr
Q1: 343 Cr
Left: 1300-1350 Cr
If Revenue would be around 375 Cr than it would be real beat… but still track this number whether they would able to achieve this or not
Debt free target till FY27
No Reco
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