Shares of MTAR Technologies Ltd crashed 16% on 29 May after the company announced its quarterly earnings for January-March. 

In its quarterly earnings, the company reported a 53.4% year-on-year decline in its net profit to Rs 4.9 crore for the quarter under review from Rs 10.4 crore for the same quarter of the previous fiscal year. 

The revenue from operations of the company during the quarter stood at Rs 143 crore, marking a 20.8% YoY increase from Rs 118.4 crore reported in the corresponding quarter of the previous fiscal year. 

The earnings before interest, tax, depreciation, and amortisation (EBITDA) during the quarter declined by 23.6% YoY to Rs 18.2 crore from Rs 23.9 crore in Q4FY23. 

As of 31 March, the company’s order book stood at Rs 915 crore. 

Parvat Srinivas Reddy, Managing Director & Promoter, MTAR Technologies, said, “We have registered a lower-than-estimated EBITDA in FY24 as the operating leverage was lower due to deferment of orders in the Clean Energy segment and delay in execution of projects in the Space vertical.”

At 3:00 pm, the shares of MTAR Tech shares were trading 11.32% lower at Rs 1,829.95 on NSE.