MTAR Technologies Q1 consolidated net profit up 63.6 pc

The company that caters to nuclear, space, defence and clean energy sectors registered revenue from operations at Rs 54 crore as against Rs 48.7 crore in Q1FY21

Hyderabad: Hyderabad-based precision engineering solutions company MTAR Technologies reported a net profit of Rs 8.7 crore for the quarter ended June 2021, as against Rs 5.3 crore in Q1FY21 with an year-on-year (YoY) growth of 63.6 per cent.

The company that caters to nuclear, space, defence and clean energy sectors registered revenue from operations at Rs 54 crore as against Rs 48.7 crore in Q1FY21 with an YoY growth of 10.9 per cent.

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Commenting on the results, Parvat Srinivas Reddy, MD & promoter, MTAR Technologies, said, “Q1 FY22 has been quite challenging as the nation was hit by devastating second wave, which caused supply chain disruptions across the value chain especially for the firms operating in the manufacturing sector due to labour shortages, intermittent lockdowns and delay in inspections.”

“We anticipate better growth in the coming quarters of FY22 as the pandemic subsides. The order inflows from civil nuclear power, clean energy, space and defence sectors are expected to be accelerated due to the huge national and global market potential available in these sectors,” he added.

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