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Prabhudas Lilladher Report
Praj Industries Ltd. reported a reasonable quarterly performance with revenue growth of 64.6% YoY. Ebitda margin were impacted during the quarter owing to higher contribution of domestic revenue, commodity inflation and supply chain issues.
Though margins are likely to improve from H2 FY23 with commodity softening, improving supply chain conditions and favorable business mix.
Praj's domestic market share has increased from 60% to 66% in 1G ethanol plant during the quarter, with increasing focus of customers on quality products.
On exports front, healthy traction in order inflows is likely to be witnessed from H2 FY23 onwards, led by increasing ethanol blending opportunities in geographies like Canada and Mexico, while critical process equipment and skids exports likely to be driven by modular process equipment in green hydrogen space.
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