India: MAN Industries posts 4.3% y-o-y growth in revenue in FY23

MAN Industries' total revenue for FY23 stood at INR 22,313 million, up by 4.3% compared to INR 21,386 million in the previous financial year, the company said in its investors' call held on 19 May, 2023. However, revenue declined by 9.2% q-o-q to INR 5,977 million in Q4FY23 against INR 6,581 million in the preceding quarter.

EBITDA declines y-o-y: Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) declined by 24% y-o-y to INR 1,372 million in FY23 against INR 1,806 million in FY22. The same declined by 30.3% q-o-q to INR 410 million in Q4FY23 compared to INR 588 million in Q3FY23.

Profit after Tax (PAT) down y-o-y: MAN Industries reported a PAT of INR 680 million, down 33% y-o-y compared to INR 1,016 million in the preceding financial year. The same declined by 29.8% q-o-q to INR 261 million in Q4FY23 against INR 372 million in the previous quarter.

Highlights

Order books: The company's unexecuted order book stands approximately at INR 2,300 crore, which is bound to be executed in next 6 to 8 months. Of this, 80% are export orders and remaining 20% are domestic orders.

Manufacturing capacity: MAN Industries' combined manufacturing capacity of 2 plants, one at Anjar, Gujarat and other in Pithampur, Madhya Pradesh is 1.5 million tonnes (mnt) per year of LSAW, HSAW and ERW pipes.

Update on projects: During Q4FY23, the company successfully ventured into the ERW pipe segment and inaugurated first plant in Anjar, Gujarat, dedicated to manufacturing ERW API grade line pipes to cater to the hydro-carbon and CGD sectors.

Outlook: The company expects good order inflow with continuous outstanding bids at various stages of evaluation for several oil, gas and water projects in India and abroad. Moreover, MAN is also undertaking capex to further widen its product offerings by entering manufacturing of stainless-steel pipes.