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Motilal Oswal Report
Avalon Technologies Ltd. reported a weak quarter, with revenue declining 15% YoY in Q1 FY25, led by a decline in India business (down 25% YoY due to elections) and U.S. business (down 7% YoY due to subdued demand).
Operating profitability was hampered (Ebitda down 73% YoY) by adverse operating leverage and an unfavorable business mix.
The order book was resilient as order inflows rose 32% YoY/7% QoQ to Rs 2.95 billion.
Factoring in the weak Q1 performance, we reduce our earnings per share estimates for FY25/FY26 by 31%/12%. Reiterate Buy with a target price of Rs 560.
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