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Engineering solutions company MTAR Technologies Ltd. expects the second half of the current financial year to be "much stronger" compared to the first half. The management also expects strong growth in its order book during the period.

For the September quarter, MTAR Technologies reported revenue growth of 38 percent from last year. The management expects full-year revenue growth to be between 55-60 percent.

Managing Director and Promoter Srinivas Reddy told CNBC-TV18 in an interview that the company is likely to receive orders worth Rs 645 crore in the current financial year.

Also Read: MTAR Technologies gains most in a month after winning Rs 540 crore order

Reddy also said that the company is on track to develop new products and execute new projects. As of September 30, the company's total order book stands at close to Rs 1,300 crore.

MTAR Tech is engaged in the manufacture and development of mission-critical precision-engineered systems catering to clean energy (civil nuclear power, fuel cells, hydel, and others), space, and defence sectors.

Shares of MTAR Technologies opened higher but gave up gains to end 1.6 percent lower at Rs 1,606 on Thursday. The stock has underperformed most of its defence peers, most of whom have doubled in value during the year. On the other hand, shares of MTAR have declined 35 percent.

Also Read: Underperforming defence player expects 60 percent revenue growth in FY23

(Edited by : Rukmani Krishna)