HBL Q2 FY 25 results out. Flat topline, margin improvement helps in improving EBIDTA Y-on-Y.
Industrial battery and Defence and Aviation battery divisions have performed well.
Kavach is yet to fire fully. Next awaited trigger would be allotment of Kavach orders based on August tenders floated.
Received following brief from a friend yesterday on HBL results.
HBL Power 2QFY25 higher profitability despite lower sales
• HBL Power reported revenue of Rs5.2bn, down 6% YoY.
o Revenue of Industrial batteries grew 3% YoY to Rs3.7bn, Defence batteries grew 35% YoY Rs346mn while Electronics declined by 24% YoY to Rs1.08bn (due to lower sales from Kavach).
• EBITDA grew 8% YoY to 1.08bn, while margin expanded by 272bp to 20.8%.
Marign expansion seen in all segments.
• PAT came in at Rs871mn, up 29% YoY, led by higher other income and lower taxes.
• Stock trades at 47x TTM earnings
disc: Invested.
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