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Nirmal Bang Report
Power Mech Projects Ltd.'s Q1 FY22 consolidated revenue increased by 127% YoY to Rs 6.2 billion, but was 13% below our estimate.
As the second Covid-19 wave didn't lead to a shutdown of construction activities, execution remained largely unaffected.
Power Mech Projects' management highlighted that execution remained steady across large projects in Q1 FY22.
While the erection, testing and commissioning segment's sales jumped by 129% YoY to Rs 1.3 billion, operation and maintenance/civil segment's sales grew by 44%/284% YoY to Rs 1.7 billion/Rs 2.8 billion.
Ebitda stood at Rs 660 million, while Ebitda margin stood at 10.6%, which was above our estimate of 9%.
Q1 FY22 order inflow stood at Rs 96.3 billion, much above FY21/FY20 levels of Rs 46.3 billion/Rs 19.5 billion.
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