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business | IST

MTAR Tech up 1% after receiving largest single order of Rs 220 crore

MTAR Technologies has secured a new order worth Rs 220 crore from US based Bloom Energy. This order is for the supply of Yuma Hot Boxes and is to be delivered over 4 quarters. Srinivas Reddy, managing director and promoter, MTAR Technologies, discussed this as well as his outlook for FY22.

MTAR Technologies has secured a new order worth Rs 220 crore from US based Bloom Energy. This order is for the supply of Yuma Hot Boxes and is to be delivered over 4 quarters. Srinivas Reddy, managing director and promoter, MTAR Technologies, discussed this as well as his outlook for FY22.
Reddy said, “The company has received this order for calendar year 2022. The demand has gone up much more than what we had expected. So, this would scale up to a much larger extent for the next financial year based on the order that we have received.”
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MTAR Technologies is currently trading at Rs 1,419 on the NSE. The news of the order win resulted in favourable movement for the stock, it’s up 0.90 percent in the past one day alone while in the last five days, the stock is up 0.89 percent.
On orders, he said, “The way the orders are flowing in especially in clean energy and various other sectors, we have been working on other products like the Hydrogen units, Electrolysers and the new version of Yuma Box, and the new capabilities of sheet metals, we are expecting a lot more orders in Q3.”
“This order is effective from January to December of next year. There will be an upsurge in certain revenues in Q4. We are also expecting a few more orders to be executed in the last quarter of the current year,” he further mentioned.
The company is looking at 20-25 percent revenue growth for the current year.
For the full interview, watch the accompanying video.