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Yes Securities Report
VA Tech Wabag Ltd.'s reported decent set of numbers with revenues marginally below estimates owing to slowdown in execution of few international orders with pressure on margins (below estimate 8.0%).
During FY22, VA Tech Wabag has bagged orders worth ~Rs 36.5 billion taking the order book to Rs 101 billion (3.4 times FY22 sales) as on Q4 FY22.
Management indicated it would focus on improving intake of international orders as these projects have sustainable margins and have shorter execution timeline, which will help improve its cashflow.
Given the growing attention of the government and multi‐lateral funding agencies towards an escalating water shortage crisis, the water treatment sector is well poised for a secular, long‐term growth.
In our view, VA Tech Wabag's robust order book thriving on strong market leadership, execution ramp up, operational efficiencies would help it capitalise on the forthcoming opportunities.
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