Craftsman Automation Invests in Green Energy Firms for Renewable Power Compliance
Craftsman Automation Ltd has invested in three green energy companies as part of a group captive scheme to meet its renewable energy needs. This strategic move aims to harness solar and wind power, reduce the company's carbon footprint, comply with renewable energy regulations, and potentially lower long-term energy costs. The investment is expected to enhance Craftsman Automation's sustainability profile, improve energy security, aid in cost management, and ensure regulatory compliance.
Craftsman Automation announces Rs 10 billion investment for FY25, including acquisitions. The company plans to reduce capex to Rs 7.50-8.00 billion in FY26. It projects future revenue/EBITDA of Rs 70 billion. ICICI Securities maintains a 'Buy' rating and raises the target price for the stock.
Craftsman Automation announced its Q4 FY2023 results, reporting a significant revenue increase to ₹17.00 billion, up 54.55% year-over-year. The company's EBITDA grew by 16.19% to ₹2.44 billion, while net profit rose by 7.22% to ₹668.00 million. However, the EBITDA margin decreased by 4.79 percentage points to 13.93%, indicating potential cost pressures despite strong top-line growth.