Voltamp Transformers Q3 Results Review - Gross, Ebitda Margin Making New Highs: Yes Securities

Yes Securities Report

Voltamp Transformers Ltd.'s Q3 F2Y4 print was way ahead of expectations on Ebitda and profit after tax front (revenue came in line with expectation) driven by skyrocketing gross margin of 33.4% on a revenue growth of ~14% YoY (plus 4% volume growth).

Order Inflows for 9M FY24 stood at Rs 13.85 billion, 11,734 MVA (plus 34%, plus 31% YoY). Since raw material cost form 89% of the total operating cost, Ebitda margin is primarily driven by raw material costs with a limited operating leverage benefit.

Hence, gross margin expansion trickled down almost entirely to Ebitda margin which also expanded ~1000 basis points YoY to 25.7%. A higher other income led to profit after tax growth of 86% YoY which came in at Rs 946 million.

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