Anup Engineering Q4 Results Review — Strong Execution Continues: ICICI Direct

ICICI Direct Report

Anup Engineering Ltd.'s strong revenue growth led by healthy execution.

Revenue increased 44.2% YoY (up 26% QoQ) to Rs 144.2 crore. For FY23, revenue was up 42.7% YoY to Rs 411.3 crore.

Ebitda margin improved 115 basis points QoQ to 20.9%. Ebitda increased 26.9% YoY (up 33.3% QoQ) to Rs 30.2 crore; mainly led by strong revenue growth. FY23 Ebitda was up 18.2% YoY to Rs 82.7 crore.

Anup Engineering's adjusted profit after tax was up 15.9% YoY. FY23 profit after tax was up 10.6% to Rs 51.4 crore.

Key triggers for future price performance:

• Strong order inflows expected from oil and gas, petrochemicals sectors as demand remains healthy for products like heat exchanger and vessels.

• Timely commercialisation of Kheda capex ensuring sustained growth.

• Exploring opportunities in nuclear, space and defence and exports segment.

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