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Axis Securities Report
Praj Industries Ltd. reported a robust set of numbers beating our as well as street expectations on all fronts.
The company’s orderbook came in at 1,102 crore against our expectation of 877 crore. It continues to see strong demand for grain-based distilleries which formed ~66% of the new orderbook.
The current orderbook stands at 2,878 crore consisting of 75% bio-energy, 20% engineering, and 5% high purity.
Praj’s reported the highest-ever quarterly revenue of Rs 829 crore (our estimate - Rs 689 crore),up 46%YoY and 42% QoQ.
It posted an Ebitda of Rs 74 crore (our estimate – Rs 59 crore), a 3% YoY and 57% QoQ.
Praj reported an Ebitda margin of 9% (beating our estimate – 8.6%), an 88 bps QoQ expansion as operational leverage kicks in and raw material prices show signs of stabilising.
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