Engineers India Q3 Results Review - Muted Quarter; Turnkey Margin Improves: Prabhudas Lilladher

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.We revise our FY24/25E earning per share estimates of Engineers India Ltd. by -15.4%/-10.5% as potential change orders may negatively impact Consultancy margins and downgrade our rating to ‘Hold’ from Buy (factoring in steep run-up in the stock price) with SOTP based target price of Rs 256 (Rs 166 earlier).Engineers India reported 3.0% YoY revenue growth with Ebitda margin falling 14 basis points YoY to 5.8%. Exports are a core focus for the company as it is growing its presence in Algeria and Nigeria, focusing on active oil and gas markets like Abu Dhabi, Kuwait, Oman, Saudi Arabia, and Egypt, and penetrating Guyana in South America.Further, a slate of upcoming petrochemical projects, including three mega complexes (one in Nigeria, two in India), may provide a boost to the order book. Engineers India is also focusing on niche projects in data centers, airports, etc. to grow its infrastructure business.There are considerable opportunities in energy transition, including green hydrogen, ethanol blending, SAF, Solar CSP, etc. and Engineers India aims to expand share of energy transition in the mix from 7-8% to 15- 20% in a couple of years..Click on the attachment to read the full report:.GE T&D India Q3 - Mammoth Order Inflow Prospects, Strong Margin Outlook Warrants An Upgrade: Yes Securities.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Engineers India Q3 Results Review - Muted Quarter; Turnkey Margin Improves: Prabhudas Lilladher

Employee costs impact margin; higher other income aids profit after tax growth.

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