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Nirmal Bang Report
Power Mech Projects Ltd. reported its highest-ever consolidated first quarter revenue at Rs 7.5 billion for Q1 FY23, up by 19.9% YoY. The topline was below our estimate by 17.3%. ETC/operations and maintenance/civil segment's sales jumped by 11%/13%/32% YoY to Rs 1.52 billion/Rs 1.96 billion/Rs 3.76 billion.
Ebitda stood at Rs 835 million, up 26.5% YoY. Ebitda margin improved by 60 basis points YoY to 11.2%, above our estimate of 10.5%. Consequently, profit after tax came in at Rs 395 million, up 25.5% YoY. Profit after tax was below our estimate by 23.8%.
Order book (excluding the MDO contract worth Rs 92.94 billion) remains strong at Rs 88.89 billion (3.28 times FY22 sales).
Order inflow for the quarter stood at Rs 7.75 billion. Power Mech received an order worth Rs 61.6 billion from the Adani group on August 18, 2022. The company has level-one position in orders worth Rs 15 billion.
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