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Nirmal Bang Report
Power Mech Projects Ltd.'s Q3 FY22 consolidated revenue increased by 27% YoY to Rs 6.5 billion, above our/consensus estimate by 10.4%/9.5%.
While erection, testing and commissioning segment's sales declined by 5% YoY to Rs 1.27 billion, operation and maintenance/civil segment's sales jumped by 32%/46% YoY to Rs 2.26 billion/Rs 2.68 billion.
Ebitda stood at Rs 677 million, up 207.5% YoY. Ebitda margin improved by 620 basis points to 10.5%, marginally below our/consensus estimate of 11%/11%.
Profit after tax stood at Rs 328 million, up 945.9% YoY. Profit after tax was above our/consensus estimate by 4.7%/7.8%. Order book remains strong at Rs 74.97 billion.
Power Mech has received orders worth Rs 19.6 billion in nine months-FY22 and it has level-one position in contracts worth Rs 17 billion.
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