Fundamental Result Update

Voltamp Transformers Q1FY20 Result Update



Voltamp Transformers came out with good set of numbers in Q1FY20. Revenue for the quarter grew 12.9% YoY to Rs 1873 mn. EBITDA witnessed a robust growth of 26.5% YoY to Rs 206 mn, despite double digit increase in raw material cost (+10.3% YoY), employee cost (+13.6% YoY) and higher other expenses (+22.5%). EBITDA margin expanded 118bps YoY to 11% against 9.8% in corresponding quarter last year. PAT for the quarter stood at Rs 169 mn, a growth of 12.3% YoY. Despite input cost pressure, Voltamp was able to sustain its margins around 11% level, which is commendable. We are positive on Voltamp from longer term perspective owing to its debt free status, free cash flow generation and impressive return ratios. Maintain Buy with target price of Rs 1263 (unchanged).


Tags: FundamentalResult Update


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