The Metering business revenue registered a strong growth of 40% YoY to ₹ 49.4 crores. However, the performance of the Metering business was impacted as the inspection and dispatches was halted due to COVID-19 related lockdown and restrictions. The inspection and enquiries has started gaining traction in Q2 FY22.
In the ‘Consumer’ segment (including non-utility meters) performance too was muted by the lockdown. However, the ‘Consumer’ segment revenue grew by 31% YoY to ₹ 80 crores in Q1 FY22. The switchgear segment revenue at grew ₹ 23.7 crores in Q1 FY22, a growth of 4% YoY.
Similarly, the lighting segment & the wires and cables segment revenue grew by 33% YoY and 35% YoY, respectively to ₹ 37.6 crores and ₹ 18.2 crores in Q1 FY22. The revenue share of the Consumer segment stood stable at 67% in Q1 FY22 & Q1 FY21, respectively.
The company EBITDA surged by 48% YoY to ₹ 9.8 crores with the EBITDA margin at 7.6%. The EBITDA Margin expanded by 71 bps YoY to 7.6% in Q1 FY22 due to a sharp decline in the raw material prices.
The company bottom-line was primarily impacted by the under absorption of fixed costs (including the interest cost & depreciation). However, the actual cash loss during the quarter was restricted at ₹ 6 crores.
Mr. Gautam Seth, Joint Managing Director, said, “The Company’s revenue for the first quarter registered 34% YoY growth to ₹ 129 Crores as compared to the corresponding quarter last year, though on a lower base. The metering segment’s traction was hindered due to lower inspections and dispatches led by COVID-19 restrictions and lockdown, severely impacting the momentum gained in Q4 FY21. However, the Metering business revenue grew by 40% YoY to ₹ 49 crores in Q1 FY22.
