MTAR Technologies share price falls 12 percent on 9th September after weak September 2023 Q2FY24 quarterly results and weak future revenue guidance.
The stock price of Hyderabad based defence equipments manufacturing and green energy sector stock MTAR Technologies share price falls after Q2FY24 quarterly results. The stock price falls nearly 12% after weak year on year and quarter on quarter results and weak commentary on future profit margin expectations.
MTAR Technologies Results Q2FY24
MTAR Technologies has reported 20.5 Crore net profit almost equal to previous June 2023 quarter and 42% down year on year compared to 24.7 Crore in September 2022 quarter. Net profit dropped 17% year on year and almost flat quarter on quarter.
Although the revenue jumped both quarter on quarter and year on year, as currently reported total revenue 167.7 Crore jumped 7% quarter on quarter from 156.7 Crore in June 2023 quarter and increased 27% year on year from 131.6 Crore in September 2023 quarter.
The company reported EPS of Rs.6.65 in current September 2023 Q2FY24 compared to Rs.6.61 in June 2023 and Rs.8.03 in September 2022 quarter.
The market reacted negatively after the weak commentary of the company management as they declined the revenue guidance for FY24 to Rs. 670 crore to Rs. 700 crore compared to previously stated Rs. 830 crore to Rs. 860 crore.
MTAR Technologies share price chart
The stock price of MTAR Technologies falls almost 12% to current LTP Rs.2261 on 9th September 2023 after its weak results. The stock price is running at almost 23% down from its previous high of Rs.2920 on 11th September 2023. The stock has broken its rising trend line and its near support could be at 2150 to 2100 at its 200 day EMA and a strong technical and psychological support could be at 2050 to 2000 level.
About MTAR Technologies share
MTAR Technologies is a Hyderabad based company established in 1970. It is working in the business of manufacturing equipments, assemblies and spare parts for energy, nuclear space, aerospace, defence and other engineering industries. The long term growth of MTAR Technologies is still intact as the sectors it is belongs to like defence equipments and green energy – clean energy has a significant growth potential. The FIIs have also increased their stake from 4.5 percent to 8.8 percent in the current quarter although the DIIs and Mutual funds have slightly decreased their holding in the stock from 25.9 percent to 22.8 percent.
