PL First Cut – Voltamp Transformers (VAMP) 1QFY24
Prabhudas Lilladher Pvt Ltd
PL First Cut – Voltamp Transformers (VAMP) 1QFY24 – Amit Anwani – Research Analyst, Prabhudas Lilladher Pvt Ltd
Voltamp Transformers (VAMP) 1QFY24 Results-First Cut; Strong performance: Beat on all front
Result summary
✳️Sales grew 19.3% YoY to Rs3.2bn (PLe of ~Rs3.1bn). Revenue growth was mainly due to 15% volume growths (2,751 MVA).
✳️Gross margin expanded 264bps YoY to 26.9% in Q1FY24, due to softening of commodity prices.
✳️EBITDA grew 32.3% YoY to Rs480mn (PLe Rs400mn), with EBITDA margins expanding 147bps YoY to 14.9% (PLe ~13%), mainly due to gross margin expansion.
✳️PAT came in at Rs508mn (up 90% YoY) (PLe ~Rs358mn), aided by higher other income. Q1FY23 other income was negative (-Rs4mn) due to MTM losses in debt funds.
✳️Order book as on Q1FY24 stands at Rs11.9bn (up 61% YoY) (10,202MVA- up 45% YoY).
✳️At the CMP, the stock is currently trading at 24.2x/21.1x FY24/25E. We have Hold rating on the stock with TP of Rs3,961. We may revise our estimate post discussion with management.