Indra reported Friday that revenues in the first quarter of the year grew +13.3% versus the same period a year ago. Minsait revenues were up +17.3%, while Transport and Defence registered +6.0% growth
Indra said that EBIT up +54% year-on-year, bringing the EBIT margin to 7.0% in 1Q22 versus 5.2% in 1Q21, with both divisions improving their margins. Net Profit reached €39 million in the first quarter of the year, +76% higher than in the first period last year.
Free Cash Flow in 1Q22 was €13 million vs €-17 million in 1Q21, bringing Net Debt/EBITDA ratio down to 0.7x compared to 2.4x in March 2021. Backlog reached €6 billion (+13%), achieving a new record high, while order intake recorded +43.5% growth in 1Q22 vs 1Q21.
Ignacio Mataix, Chief Executive Officer of Indra: “The results of the first quarter of 2022 are characterized by the positive commercial momentum of our two divisions, which is also reflected in a significant revenues acceleration and in a clear improvement in profitability compared to the levels of the first quarter last year.”
Mataix noted that regarding the commercial activity, once again we set a new record high in our backlog, which approached €6bn, with a particularly strong first quarter of the year in terms of order intake, and in an environment in which we continue to perceive sustained demand in our main businesses.
Indra’s revenues grew at double-digit rates over again. For its part, operating profitability (EBIT) grew 54% and outpaced revenue growth, with a clear improvement in margins in both Transport and Defence and Minsait. All this finally resulted in a 76% net profit growth, Mataix highlighted.
It is also worth noting the positive evolution of the cash generation in the first quarter, which was the best in the last six years, allowing us to continue reducing our financial leverage, which stands at 0,7x.
“In summary, these quarterly results represent a very solid start of the 2022 financial year, in line with our annual targets and our 2021-2023 Strategic Plan, although the international macroeconomic environment remains characterized by significant uncertainties,” Mataix said.