Industrial Products company Solar Industries India announced Q3FY24 & 9MFY24 results: Highest ever nine-month EBIDTA: Rs 1,042 crore Highest ever nine-month PAT: Rs 633 crore Highest ever Quarterly & Nine-month EBIDTA margin: 25.69% & 23.38% respectively Highest ever Quarterly & Nine-month PAT margin: 15.53% & 14.19% respectively Volume grew by 27% in the quarter and 18% in nine months Defence Order book stands at the highest level of Rs 2,200 crore+ Commenting on Q3FY24 & 9MFY24 results, Manish Nuwal, Managing Director & CEO, Solar Industries India said, "The company recorded revenue of Rs 1,429 crore & Rs 4,459 crore in the quarter & nine month. The EBIDTA margin stands at 25.69% & 23.38% for the quarter & nine months respectively. Highest ever EBITDA and PAT in absolute and in margin terms for the nine months has been achieved despite of lower commodity prices, moderate defence product sales and disturbances in shipment on account of Red Sea issues, otherwise, the numbers would have been even better." He added, "The volume in the quarter grew significantly by around 27% & 18% in nine months, aided by strong growth from Coal mining & Infra sector. The domestic explosive order book of CIL & SCCL stands at Rs 2,589 crore. Given the government's clear focus reiterated in the interim budget on mining, the Housing & Infra sector augers well for our industry." He further added, "We have received export orders for the defence products to the tune of Rs 994 crore to be supplied over three years and the most awaited Pinaka orders are in the final commercial negotiation stage. The current order book for defence products stands at Rs 2,200 crore+. Looking at the overall orderbook we believe the revenues from defence products will increase substantially from next quarter." He also added, "Our International Business was impacted by inflation and currency volatility, but we believe that the present challenges are of a temporary nature and that is poised to stabilize over the course of the next one to two quarters. However, as a part of strategy, we are working on adding new geographies like Kazakhstan and Saudi Arabia." He concluded by saying, "As we move forward, we expect strong volume growth to continue along with much-awaited higher revenues from defence products." Result PDF
Conference Call with Solar Industries India Management and Analysts on Q2FY24 Performance and Outlook. Listen to the full earnings transcript.