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Engineers India - Q4FY20 Result Update - ICICI Securities

Posted On: 2020-06-28 18:01:08

Engineers India (EIL) reported overall decent set of Q4FY20 numbers. Standalone revenues came in at Rs. 853.8 crore with strong growth of 39.4% YoY. Consultancy and turnkey (LSTK) segments contributed 47%, 53%, respectively. While for FY20 revenue grew 31% to Rs. 3203.1 crore YoY with 49% contribution from consultancy and 51% from turnkey segment. Absolute EBITDA came in at Rs. 111 crore, up 19% YoY while overall EBITDA margin came in at 13%, down 220 bps YoY mainly due to a change in the business mix. Consultancy and turnkey segments reported EBIT margins of 34.2% (vs. 28.7% in Q4FY19) and 2.9% (vs. 6.3% in Q4FY19), respectively. EIL reported PAT at Rs. 116.5 crore, up 22.8% YoY. Other income grew 14.9%, YoY to Rs. 68.5 crore. For FY20, PAT grew 16.3% to Rs. 430.3 crore YoY.

Valuation & Outlook

Going forward, we expect revenue, EBITDA, PAT to grow at 0.7%, 4.7%, 8.1% CAGR, respectively, in FY20-22E with marginally higher contribution form consultancy segment. However, short-term headwinds could affect execution in FY21E owing to disrupted business operations. EIL's balance sheet continues to remain healthy with zero debt and cash balance of ~Rs. 2720 crore. EIL's book to-bill is at healthy ~3x (order book at Rs. 9555 crore). We value EIL at 11.5x P/E on FY22E EPS of Rs. 8.0 with a revised target price of Rs. 92/share and maintain BUY rating. Key risks: Any project related headwinds or delays in turnkey segment may further affect revenue growth.

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Shares of ENGINEERS INDIA LTD. was last trading in BSE at Rs.79.95 as compared to the previous close of Rs. 74.5. The total number of shares traded during the day was 963599 in over 7496 trades.

The stock hit an intraday high of Rs. 81 and intraday low of 76.6. The net turnover during the day was Rs. 75585127.

Source: Equity Bulls

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