Lloyds Engineering Works Ltd on Tuesday recorded its third quarter profit for the financial year 2023-24 at Rs 27.08 crore, up 111.9 per cent in comparison to Rs 12.78 crore during the third quarter of FY23. It posted revenue from operations at Rs 201.44 crore, up 244.9 per cent as against Rs 58.41 crore during the third quarter of FY23, backed by solid execution of orders. “Strong order inflows coupled with swift execution helped the company to report such robust growth,” it said in a regulatory filing. The company EBITDA, meanwhile, stood at Rs 35.7 crore, up 79.8 per cent on-year.
The company’s order book as of 31 Dec 2023 stood at Rs 745.9 crore, up 55 per cent YoY, with Rs 483.8 cr of fresh orders in 9MFY24. “The order book is well balanced amongst various sectors. A healthy inflow is expected to continue its momentum, imparting sufficient visibility to the company’s earnings. Amongst all the sectors, the Marine and Navy segment is witnessing a robust tailwind for the company,” it said. Order book as of date is ~2.4x of FY23 sales.
Lloyds Engineering further stated that the margins for Q3FY24 stood at 18.2 per cent on timely booking of raw materials, efficient execution of order book, and better productivity.
Mukesh Gupta, Chairman, Lloyds Engineering, said, “We are pleased to share the exceptional achievements of our company in Q3 and 9M FY24, representing a transformative phase in our journey. We are proud to announce that we have achieved the highest quarterly revenue, with an outstanding 245 per cent YoY growth for Q3FY24 and an impressive 214 per cent YoY growth for 9M FY24. The Profit After Tax (PAT) has demonstrated an exceptional growth of 93 per cent during 9M FY24, reflecting the effectiveness of our financial strategies and operational efficiency. Our order book has proven resilient, standing firm at Rs 746 crore, showcasing a commendable 55 per cent YoY growth.”
“We are excited to report that our continued focus on sectors like the Marine and Navy has yielded positive results. While these sectors have always been integral to our company, our concerted efforts have enabled us to make significant inroads, resulting in encouraging orders and inquiries. This success is a testament to our commitment to excellence in these domains. Our recent technological tie-ups further amplify this excitement and optimism,” he added.
Further, the company said that with a larger base of the order book to begin FY24, the roadmap is relatively steady to deliver higher growth in the coming years. “The company plans to systematically grow to build a more extensive base. Order book as of March 23 was Rs 683 crore, which was ~2.2x of FY23 revenue. With fresh orders now order book stands at 2.4x of FY23 revenue,” it said.