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Reliance Securities Report
Engineers India Ltd. reported a revenue of Rs 8.1 billion (down 27.8% YoY and up 18.3% QoQ) in Q4 FY22 (our estimate of Rs 10.8 billion), due to an execution miss in turnkey projects.
Revenue of consultancy segment declined by 6.3% YoY to Rs 3.8 billion, while the revenue of turnkey segment fell by 40% YoY to Rs 4.3 billion.
Blended Ebitda contracted by 34.2% YoY and was up 72.8% QoQ to Rs 1.1 billion, while Ebitda margin contracted by 130 bps YoY to 13.4%.
Adjusted profit after tax came in at Rs 1.3 billion, versus our estimate of Rs 1.2 billion, due to an execution miss in turnkey segment.
We believe the strong track record in consultancy of complex and high-value projects, debt-free status, negative working capital cycle, and being a beneficiary of large government projects places Engineers India in a sweet spot.
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