MTAR Technologies Ltd., a leading manufacturer of critical precision engineering systems for the clean energy and defense sectors, expects its highest-ever revenue in the September quarter, after net profit fell nearly 80% year-on-year in the June quarter and earnings before interest, tax, depreciation and amortization (EBITDA) halved.

The defense company almost reported a net loss for the quarter, with its profit falling 78.3% year-on-year to Rs 44,000 crore. In the same quarter last year, the company had reported a net profit of Rs 20,600 crore.

Revenue for the quarter fell to ₹128.3 crore, down 15.9% from the year-ago quarter’s ₹152.6 crore.

MTAR Tech’s earnings before interest, taxes, depreciation and amortisation also halved year-on-year, by 51.9% to ₹16.6 crore.

The EBITDA margin for the quarter fell by almost 1,000 basis points to 12.9% from 22.6% a year ago. Management expects a “progressive improvement” in margins starting in the September quarter.

Although management did not provide any specific revenue or EBITDA growth forecasts, Managing Director and promoter Parvat Srinivas Reddy said execution for the company will be better in the second half of the year than in the first.

MTAR Tech also recently won an order worth Rs 140 crore in the clean energy space and expects more orders to be executed during this fiscal year. The management also expects significant orders from the oil and gas and other sectors in the second half of the current fiscal year.

In its March quarter report released in May this year, MTAR Tech had cut its revenue growth forecast to 30-35% from 45-50%. The EBITDA margin forecast for fiscal 2025 was also cut to 21-23% from 26%.

Shares of MTAR Tech ended Tuesday’s trading session down 0.8% at ₹1,779. The stock has fallen nearly 40% since its September 2023 high of ₹2,920.