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Prabhudas Lilladher Report
Voltamp Transformers Ltd. reported strong quarterly performance above our and street estimates owing to ramp up in dispatches, execution and higher other income.
Revenue grew 26% YoY to Rs 2.8 billion led by strong execution.
Steep rise in raw material cost such as copper, silicon steel, conventional steel, etc. from October 2020 impacted Ebitda margins (down 510 basis points YoY) as management decided to execute fixed price contracts, giving preference to its commitment and long term customer relationships.
Despite pandemic, the company secured orders worth ~Rs 4 billion in Q4 and further is negotiating prices for its orders worth Rs 500 million (stuck in delayed delivery) due to non-receipt of manufacturing clearance from customers.
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