MTAR Tech tanks 12% as company cuts FY24 revenue, Ebitda guidance
Shares of MTAR Technologies cracked 11.7 per cent to Rs 2,248 apiece on the BSE in Thursday’s intraday trade after the company cut its revenue and Ebitda guidance for financial year 2023-24 (FY24).
At 11:52 PM, the shares were down 9.4 per cent to Rs 2,308.6 as against an unchanged S&P BSE Sensex index.
“We revise our annual guidance for FY24 to a revenue of around Rs 670 crore – Rs 700 crore as against previous guidance of around Rs 830 crore – Rs 860 crore with an Ebitda of around 26 per cent (+/- 100 bps) as against previous guidance of around 28 per cent ( +/- 100 bps) due to deferment of shipment plans against the confirmed orders from Clean Energy to the next fiscal year,” said Parvat Srinivas Reddy, managing director & promoter, MTAR Technologies.
