HARSHA ENGINEERS INTERNATIONAL LTD
Company is almost debt free.
Company has delivered good profit growth of 56.4% CAGR over last 5 years
The combined share of operating losses at China and Romania came down significantly because of China
reporting positive profit in Q4 FY 2024. However, Romania continued to report operating losses in Q4 FY
2024.
➢ While the demand situation in Europe both on the Wind as well as on the Industrial front remains
subdued, our strategy in Romania is to improve product mix by increasing the share of cages, which is
aimed at bringing Romania to Break-even level in FY 2025.
➢ Solar Business has reported a decent growth in top-line as well as profitability, on the back of a
favourable renewable policy regime, with our strategy continued to be on limited capital allocation in this
segment, but still allowing the same to operate in its natural tangent.
➢ The progress on our Greenfield project is satisfactory and is expected to commission in FY 2025.
On a consolidated basis Q4 FY 2024 was the strongest quarter in the current fiscal FY 2024 reflecting an allround
improvement in the top line as well as the EBITDA and PAT margins. The consolidated top line of Q4
FY 2024 has shown a growth of 17% over Q3 FY 2024 and 11% over Q4 FY 2023. The consolidated EBITDA of
Q4 FY 2024 has also grown by 23% as compared to Q3 FY 2024 and 10% as compared to Q4 FY 2023.
➢ On full year basis, while consolidated top line of FY 2023-24 reflects a marginal growth over FY 2022-23, the
EBITDA and PAT of FY 2024, though lower than FY 2023, are still reflecting a significant recovery as
compared to H1 FY 2024 and are better than our expectations.
➢ The growth in Bushing business as well as additional demand growth due to China + 1 factor was in line with
our expectations. The Progress on outsourcing projects (insourcing to outsourcing) was satisfactory, and the
growth in Japan based customers’ segment, though slightly muted, has remained positive.
➢ The expected growth in large size bearing cages segment could not be achieved due to continued global
slowdown in the Wind as well as Industrial Segment, but is expected to catch up next Fiscal.
Company has delivered good profit growth of 56.4% CAGR over last 5 years
The combined share of operating losses at China and Romania came down significantly because of China
reporting positive profit in Q4 FY 2024. However, Romania continued to report operating losses in Q4 FY
2024.
➢ While the demand situation in Europe both on the Wind as well as on the Industrial front remains
subdued, our strategy in Romania is to improve product mix by increasing the share of cages, which is
aimed at bringing Romania to Break-even level in FY 2025.
➢ Solar Business has reported a decent growth in top-line as well as profitability, on the back of a
favourable renewable policy regime, with our strategy continued to be on limited capital allocation in this
segment, but still allowing the same to operate in its natural tangent.
➢ The progress on our Greenfield project is satisfactory and is expected to commission in FY 2025.
On a consolidated basis Q4 FY 2024 was the strongest quarter in the current fiscal FY 2024 reflecting an allround
improvement in the top line as well as the EBITDA and PAT margins. The consolidated top line of Q4
FY 2024 has shown a growth of 17% over Q3 FY 2024 and 11% over Q4 FY 2023. The consolidated EBITDA of
Q4 FY 2024 has also grown by 23% as compared to Q3 FY 2024 and 10% as compared to Q4 FY 2023.
➢ On full year basis, while consolidated top line of FY 2023-24 reflects a marginal growth over FY 2022-23, the
EBITDA and PAT of FY 2024, though lower than FY 2023, are still reflecting a significant recovery as
compared to H1 FY 2024 and are better than our expectations.
➢ The growth in Bushing business as well as additional demand growth due to China + 1 factor was in line with
our expectations. The Progress on outsourcing projects (insourcing to outsourcing) was satisfactory, and the
growth in Japan based customers’ segment, though slightly muted, has remained positive.
➢ The expected growth in large size bearing cages segment could not be achieved due to continued global
slowdown in the Wind as well as Industrial Segment, but is expected to catch up next Fiscal.
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