BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Yes Securities Report
Engineers India Ltd. reported a muted set of numbers, primarily led by weak execution in the consultancy segment (down 2% YoY) while turnkey segment reported 47% YoY growth.
Gross margin contracted ~1100 basis points YoY which led to Ebitda margin contraction of ~400 bps YoY at 5.4%.
Order inflows at Rs 3.4 billion declined 71% YoY. As on Q2 FY23 order book stands at ~Rs 84.3 billion (2.7 times trailing twelve months revenue), providing revenue visibility for next few quarters.
Going forward, management maintained FY23 revenue growth guidance of 15% and order inflows at ~Rs 40 billion.
We believe Engineers India’s healthy order book, lean balance sheet, strong project pipeline and strong growth visibility augurs well in the long run and expect the company to report revenue/profit after tax compound annual growth rate of 5%/51% over FY22‐FY25.
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