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ICICI Securities Report
Power Mech Projects Ltd. reported its highest ever consolidated quarterly revenue at Rs 9.02 billion for Q4 FY22, up by 19.5% YoY.
The topline was above our estimate by 5.2%. Erection, testing and commissioning/operation and maintenance/civil segment's sales jumped by 16.8%/24%/57% YoY to Rs 1.52 billion/Rs 2.17 billion/Rs 5.16 billion.
Ebitda stood at Rs 945 million, up 26.8% YoY. Ebitda margin improved by 60 basis points YoY to 10.5%, marginally above our estimate of 10%.
Consequently, profit after tax stood at Rs 476 million, up 33.9% YoY. Profit after tax was marginally above our estimate by 3%. Order book (excluding the MDO contract worth Rs 92.94 billion) remains strong at Rs 88.55 billion (3.27 times trailing twelve months sales).
For FY23, Power Mech has set order inflow target of ~Rs 60 billion. The management highlighted that the company's margin profile will improve gradually going forward.
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