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ICICI Direct Report
The Anup Engineering Ltd. reported good Q2 FY23 results.
Revenue for the quarter came in at Rs 100.9 crore, up 13.4% YoY, 94.9% QoQ (last quarter was a hit due to low execution) due to better performance in all segments.
The company posted gross margins to the tune of 43% versus 49% in Q1 FY23 and 54% in Q2 FY22 (lower gross margins due to higher raw material price).
Anup Engineering registered an Ebitda margin of 20.3% versus 18.2% in Q1 FY23 and 25.5% in Q2 FY22. Absolute Ebitda came in at Rs 20.5 crore versus Rs 9.4 crore in the last quarter and Rs 22.7 crore in same quarter last year.
Increasing Ebitda margins QoQ are due to positive operating leverage and export orders.
Tracking its operating performance, Anup Engineering ended the quarter with a profit after tax of Rs 12.9 crore versus Rs 17.9 crore in Q2 FY22.
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