ANI Integrated Services Q4FY23 Results

Q4 FY23 Performance Summary

• ANI’s overall consolidated revenues stood at Rs. 43.36 Cr, growing 8.8% QoQ and a significant 24.7% rise YoY. The increase in revenues can be attributed to heavy growth in Projects & Consultancy business and decent rise in the Manpower business vertical as well.
• Employee benefits expense as a proportion of revenues stood at 76%, witnessing a 4.3% drop QoQ and 6.9% YoY. As a result, EBITDA margins rose to 6.3% in Q4FY23, from barely breaking even in the prior quarter and standing at 3.3% in Q4 FY22. Net profit stood at Rs 1.86 Cr, witnessing a considerable 5x increase both QoQ and YoY. PAT margins stood at 4.3%, increasing from 0.8% in the last quarter and 0.9% in Q4 FY22.

Segment Wise Performance Breakup

• Deputation of Manpower accounts for 48.9% of the total business. The segment reported a marginal quarterly growth amounting to Rs 21.18 Cr, representing a 4.8% increase QoQ and a notable 25.3% rise YoY. EBIT margins for the segment stood at 10.6%, witnessing a decline of 21.4% QoQ and 13.1% YoY.
• Projects and Consultancy division contributes to 39.5% of the total revenues. The segment demonstrated an impressive growth, with revenues amounting to Rs 17.13 Cr, representing 18.5% rise QoQ and an exceptional 57.3% increase YoY. EBIT margins for the segment stood at 10.2%, witnessing a 3.3x growth QoQ and an 8.2% decrease YoY.
• Operation and Maintenance accounts for the rest 11.6% of the business. This vertical is experiencing a decline, with total revenues amounting to Rs 5.04 Cr in the current quarter, a 2.5% de-growth QoQ and a sharp 27.7% fall YoY. EBIT Margins stood at 21.9%, a marginal 3.5% decline QoQ and a significant 79.4% growth YoY.

Future Guidance

The company has received 2 purchase orders –

• Technip Energies India Limited: The contract value is estimated at Rs. 14.11 Cr and the order is to be executed by October 2024.
• L&T Hydrocarbon Engineering Limited: The contract value is estimated at Rs 28.26 Cr and the order is to be executed by March 2024.

Financial Summary (Rs. Crores)

	31-Mar-22	31-Dec-22	31-Mar-23
Revenue	34.77	39.85	43.36
EBITDA	1.16	0.00	2.72
EBITDA%	3.3%	0%	6.3%
TTM EPS	5.35	1.17	2.70
PAT	0.31	0.31	1.86
PAT %	0.9%	0.8%	4.3%