Sanghvi Movers Reports 35% Revenue Growth in Q2, Expands into Saudi Arabia
Sanghvi Movers Limited, India's largest crane rental company, reported a 35% year-on-year increase in Q2 total income to INR 210.00 crores. The company's half-yearly revenue grew by 57% to INR 483.00 crores. Profit After Tax increased by 24% to INR 36.00 crores. The company maintained a 42% EBITDA margin and reported 70% capacity utilization. Sanghvi Movers has commenced operations in Saudi Arabia with over 30 cranes deployed. The Board approved a capex plan of INR 629.00 crores for the current fiscal year, with INR 405.00 crores for India and INR 224.00 crores for Saudi Arabia.
*this image is generated using AI for illustrative purposes only.
Sanghvi Movers Limited , India's largest crane rental company, has reported a strong performance for the second quarter, with significant revenue growth and expansion into the Saudi Arabian market.
Financial Highlights
Sanghvi Movers achieved a total income of INR 210.00 crores in Q2, marking a 35% year-on-year increase from INR 156.00 crores in the same quarter of the previous year. The company's half-yearly revenue reached INR 483.00 crores, up 57% compared to the same period last year.
Key Performance Metrics
| Metric | Q2 Current Year | Q2 Previous Year | Change |
|---|---|---|---|
| Total Income | INR 210.00 crores | INR 156.00 crores | +35% |
| EBITDA | INR 88.00 crores | INR 81.00 crores | +9% |
| EBITDA Margin | 42% | 52% | -10% |
| Profit After Tax | INR 36.00 crores | INR 29.00 crores | +24% |
The company maintained a strong EBITDA margin of 42%, although it decreased from 52% in the same quarter last year. Profit After Tax (PAT) grew by 24% year-on-year to INR 36.00 crores.
Operational Performance
Sanghvi Movers reported an average capacity utilization of 70% during the quarter, with an average blended yield of 2.04% per month. The company's order book remains robust at INR 1,239.00 crores, with approximately INR 756.00 crores expected to be executed during the current fiscal year.
Saudi Arabia Expansion
In a significant development, Sanghvi Movers has commenced commercial operations in Saudi Arabia, deploying over 30 cranes. The company sees substantial growth potential in the Saudi market, with an estimated annual crane rental market of $800 million to $1 billion.
Capex Plans
The Board of Directors has approved a capex plan of INR 629.00 crores for the current fiscal year, with INR 405.00 crores allocated for India and INR 224.00 crores for Saudi Arabia. This investment aims to support the company's growth strategy and global expansion plans.
Management Commentary
Rishi Sanghvi, Managing Director of Sanghvi Movers, commented on the Saudi Arabia expansion: "We are proud to say every single asset has moved from port to site directly. Today, we are at 100% utilization in Saudi Arabia. We have a very healthy inquiry pipeline, and it is our ability to convert that inquiry pipeline."
Gaurang Desai, Chief Executive Officer, added: "We are confident of sustaining the growth guidance we have given. We are sitting on a higher base in terms of our order booking."
Outlook
Sanghvi Movers remains optimistic about its future prospects, driven by strong demand in both the Indian and Saudi Arabian markets. The company's focus on global expansion, particularly in the Middle East region, aligns with its 'Elevate 2030' strategy, which aims to strengthen customer-centric value creation and diversify its portfolio.
As Sanghvi Movers continues to capitalize on opportunities in infrastructure and renewable energy sectors, investors will be watching closely to see how the company's expansion plans translate into sustained growth and profitability in the coming quarters.
Historical Stock Returns for Sanghvi Movers
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| +2.92% | -1.20% | +0.56% | +22.48% | +4.08% | +805.57% |
15
