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ICICI Securities Report
VA Tech Wabag Ltd. has reported 15.6% YoY revenue growth at Rs 7.9 billion in Q4 FY20; however, standalone Ebitda margins declined 440 basis points YoY impacting operating profit.
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The company managed to show positive cash from operations due to reduction in other current assets and increase in liabilities; however, receivables continue to be high.
In addition to Rs 4.1 billion pending from Telangana State Power Generation Corporation/Andhra Pradesh Power Generation Corporation and Rs 695 million from Tecpro Systems Ltd., certain large overseas projects were outstanding.
Strong orderbook of Rs 110 billion (4.3 times trailing twelve months sales) lends visibility. However, 47% of FY20 order intake is operation and maintenance which restricts near- to medium-term growth.
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