Harsha Engineers Q3 Results Review - Sequential Improvement; Outlook Remains Steady: Prabhudas Lilliadher

Prabhudas Lillidher Report

Harsha Engineers International Ltd.'s reported 7.9% YoY revenue growth as strong growth in Solar EPC offset the fall in Engineering. Ebitda margin contracted by 139 basis points YoY.

Romania and China subsidiaries have shown sequential improvement in profitability owing to tighter cost control by scaling down operations as demand from China and Europe continues to remain weak. Pickup in wind demand should aid Romania improvement going forward.

Meanwhile, India Engineering business has been impacted by soft industrial demand, large size bearings have seen muted offtake and sales to Japansese customers have been below expectations.

However, all of these are expected to turnaround positively in FY25. Furthermore, Bronze bushing business is on track for healthy growth this year with strong uptick expected in FY25. Harsha Engineers International.

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