Indra Increases Net Result By 11.1%, With Backlog Of 6.772 Billion Euros
Indira reported Thursday that First quarter 2023 Backlog reached a new all-time high, €6,772m (+13.1% vs 1Q22), while Order Intake up +4.2% vs 1Q22, bolstered again by Transport & Defence. The company said that revenues were up +7.7% in 1Q23 vs 1Q22, standing out the strong growth showed in Minsait (+13.4%) and Air Traffic (+18.0%).
Additionally, Indra said that 1Q23 EBIT grew +8.4%, thanks to the improvement of the Operating Margin in Transport & Defence, while basic earnings per share (EPS) increased +11.1% in 1Q23 compared to 1Q22. Free Cash Flow in 1Q23 was €27m vs €13m in 1Q22, bringing Net Debt/EBITDA ratio down to 0.1x compared to 0.7x in March 2022.
According to Ignacio Mataix, Chief Executive Officer of Indra, “The results for the first quarter of 2023 are characterized by growth in all items of the income statement, standing out net income, which grew at a double-digit rate.”
Mataix said that during this first quarter, both the strong market demand and the solid commercial performance of our business continued, as evidenced by the growth showed in order intake and backlog, which reached a new all-time high and improve growth expectations for the coming years.
“Both Indra’s revenues and EBIT experienced strong growth that almost reached double-digit rates, showing the fast conversion of these commercial achievements in the execution of the projects, managing to maintain EBIT margin at similar levels than in the first quarter of 2022, despite the context of strong wage inflation pressure in the main markets where we operate,” Mataix said, adding that, “For yet another quarter, cash generation once again showed a very positive performance, more than doubling the favorable execution posted in the first quarter of 2022, and reducing financial leverage over again.”
In the opinion of Mataix, “These first quarter results represent a positive start to fiscal 2023, fully aligned with our annual targets and our 2021-2023 Strategic Plan.”