Indra reported on Friday that revenues for the first quarter of the year increased by +13.3% compared to the same period a year ago. Minsait revenue increased by +17.3% while Transport and Defense recorded growth of +6.0%
Indra said EBIT was up +54% year-on-year, bringing EBIT margin to 7.0% in 1Q22 from 5.2% in 1Q21, as both divisions improved margins. Net profit reached 39 million euros in the first quarter of the year, +76% more than in the first quarter of last year.
Free Cash Flow in 1Q22 amounted to 13 million euros compared to -17 million euros in 1Q21, bringing the Net Debt/EBITDA ratio down to 0.7x compared to 2.4x in March 2021. The order book reached 6 billion euros (+13%), reaching a new record high, while order intake grew by +43.5% in 1Q22 compared to 1Q21.
Ignacio Mataix, Chief Executive Officer of Indra: “The results for the first quarter of 2022 are characterized by the positive commercial momentum of our two divisions, which is also reflected in a significant acceleration in revenues and a marked improvement in profitability compared to the levels of the first quarter of last year.
Mataix noted that with regard to commercial activity, we have once again set a new record for our order book, which approached 6 billion euros, with a particularly solid first quarter of the year. in terms of order intake, and in an environment where we continue to see sustained demand in our main businesses.
Indra’s income again grew at double-digit rates. For its part, operating profitability (EBIT) increased by 54% and exceeded the growth in turnover, with a marked improvement in margins both in Transport and Defense and in Minsait. All of this ultimately translated into net profit growth of 76%, Mataix pointed out.
Also noteworthy was the positive evolution of cash generation in the first quarter, which was the best in six years, allowing us to continue to reduce our financial leverage, which stood at 0.7x.
“In summary, these quarterly results represent a very solid start to the 2022 financial year, in line with our annual objectives and our 2021-2023 Strategic Plan, although the international macroeconomic environment remains characterized by significant uncertainties,” said Mataix. .