MTAR Technologies FY21 net profit up 47%

For the fourth quarter ended March 31, 2021, the company reported a net profit of Rs 18 crore, registering a 103 per cent jump over Rs 8.9 crore.

Hyderabad: MTAR Technologies, Hyderabad-based precision engineering solutions company, reported revenue from operations at Rs 246.40 crores in FY21 as against Rs 213.80 crores in FY20 up by 15 per cent. The company’s net profit increased by 47 per cent to Rs 46.1 crore as against Rs 31.3 crore in FY20.

For the fourth quarter ended March 31, 2021, the company reported a net profit of Rs 18 crore, registering a 103 per cent jump over Rs 8.9 crore reported during the corresponding period of the previous year. The revenues grew 12 per cent to Rs 69.2 crore in Q4 FY21 compared to Rs 61.6 crore in the corresponding quarter of last year.

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Commenting on the results, Srinivas Reddy, MD, MTAR Technologies, said, “Our revenues stood strong at Rs 246.4 crores for FY21, a growth of 15 per cent Y-o-Y. Our order book as on 31 March 2021 stood at Rs. 415.9 crores giving us strong revenue visibility for the coming years.”

“We are in the process of developing associated technology for roller screws and electromechanical actuators. In addition, we are adding new capabilities by establishing exclusive facilities for precision sheet metal manufacturing and specialised fabrication at our Adibatla plant, which is expected to increase our wallet share from existing customers and add new customers,” he added.

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