Indra Revenues Increased +2.2% And EBIT Doubled In First Quarter

The Spanish information technology and defense systems company Indra said Tuesday that income statement items have grown in first quarter of this year, versus the same period in 2020. Net Profit was €22 million in 1Q21 versus €6 million in 1Q20 (+255%) and €18 million. in 1Q19 (+22%), the company said, adding that revenues in 1Q21 increased +5.5% in local currency (+2.2% in reported terms) vs 1Q20, pushed by Defence and Minsait. EBITDA and EBIT grew by +25% and +104% respectively vs 1Q20.

Fernando Abril-Martorell, Chairman and Chief Executive Officer of Indra: “The results of the first quarter of 2021 are outstanding as they already show the recovery of the activity levels prior to the pandemic, while they reflect an improvement of margins thanks to the costs containment. Minsait 1Q21 revenues already exceed those of 1Q19, while Transport & Defence were almost equal, even though significant delays continue to occur due to the mobility restrictions that remain in force.

All the income statement items have grown in 1Q21 vs 1Q20, with a clear improvement in profitability that ends up being reflected in net profit, more than 3 times higher than in 1Q20 and 1.2 times higher than in 1Q19. For its part, cash generation in the quarter is €42m better than in 1Q20.

For another quarter, the backlog continues its double-digit growth and once again reaches new highs in Indra’s history.

In short, the results of the first quarter are in line with our 2021 objectives and reinforce our ambition to recover the pre-crisis levels of 2019 this year, despite the fact that the pandemic is not overcome yet and continues to cause uncertainty and complexity for the management of the business.”