MTAR Tech Q3 profit rises 50.5%

Hyderabad: Defence and aerospace critical components manufacturer MTAR Technologies has reported a profit after tax (PAT) of Rs 13.3 crore during quarter ended December 2021, translating into a growth of 50.5 per cent over the same quarter a year ago where it recorded a post-tax profit of Rs 8.8 crore.

During the quarter under review, the Hyderabad-headquartered defence technologies firm reported a revenue of Rs 78.1 crore, an increase of 41.4 percent over Rs 55.2 crore a year ago.

The board of MTAR Technologies that met on 10 February to take on record the unaudited results has declared an interim dividend of Rs 3 a share of Rs 10, translating into 30 percent.

For the nine months period of the current fiscal, the company posted a revenue of Rs 223.4 crore (Rs 177.3 crore) with a growth of 26 percent, while the post-tax profit saw an increase of 46.3 percent at Rs 41.1 crore (Rs 28.1 crore).

"Amidst a conducive macro-economic environment backed by a robust order book, we are confident of witnessing an accelerated growth over the coming quarters," said MTAR Technologies managing director Parvat Srinivas Reddy. Reddy said domestic order inflows from Civil Nuclear Power, Space & Defence sectors are expected to be fast-tracked over the coming quarters.

During the quarter under review, the company saw its revenue from exports increasing by 151.1 percent at Rs 31 crore, while the growth in revenue from exports during the nine months period of current fiscal amounted to 61.4 percent at Rs 51.5 crore. The order book of the company stood at Rs 599.6 crore by February 7.