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Shares of Kabra ExtrusionTechnik surged 15 per cent to Rs 539 on the BSE in Monday’s intra-day trade after the company reported a strong performance in December quarter (Q3FY23), with profit after tax (PAT) up 30.8 per cent year-on-year (YoY) at Rs 11.5 crore, on healthy revenue.
The stock of the leading extrusion machinery company and emerging battery pack player traded close to its 52-week high of Rs 562, touched on January 21, 2022.
The company’s revenues grew 96.3 per cent YoY and 14 per cent sequentially at Rs 207 crore. Earnings before interest, taxes, depreciation, and amortization (ebitda) was up 43.9 per cent YoY at Rs 22.1 crore. Ebitda margin improved 70 bps QoQ, while down 471 bps YoY at 10.8 per cent. The change in margin profile is due to different product mix and higher material cost.
The management said revenue growth in Q3FY23 was aided by strong growth in the Battrixx division revenues. India’s Electric Vehicle (EV) industry surpassed 1-million-unit sales milestone in the calendar year 2022.
The Battrixx sales continued to experience exponential growth of 218.7 per cent YoY to Rs 120 crore in Q3FY23 aided by voluntary EV adoption by individuals, B2B purchases by fleet operators, adoption of FAME II and increased charging infrastructure leading to improved EV penetration in India, the management said.
Battrixx launched ‘Ultra Safe’ battery packs in partnership with Hero Electric for their electric two-wheeler range. As per Hero Electric’s projection, Battrixx will supply 300,000 battery packs and chargers by FY24.
Kabra ExtrusionTechnik (KET) is India’s premier manufacturer & exporter of extrusion plants. Battrixx is the future technologies division of KET. It is dedicated to developing and producing green energy systems and solutions that will power the growth of India’s transition into green energy storage and electric transportation. Battrixx captured 15 per cent market share in the lithium-ion batteries in its segment (H1FY23).
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First Published: Mon, January 23 2023. 12:39 IST