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Anand Rathi Report
Though its profitability was affected by inflationary pressures, Techno Electric and Engineering Company Ltd.'s Q4 execution was ahead of our estimate.
Its engineering, procurement and construction revenue was ~43% higher YoY to Rs 3 billion (our estimate: Rs 2.7 billion).
In FY22, it bagged orders of Rs 8 billion, less than expected, as orders of Rs 20.45 billion were not finalised and were received in Q1 FY23. Hence, the year-to-date order backlog is a strong ~Rs 35 billion and level-one of Rs 10 billion.
Techno Electric expects good orders in flue-gas desulfurisation, the green energy corridor, smart meters and data centres.
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