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Stock Tales - Techno Electric & Engineering - ICICI Direct

Posted On: 2021-07-28 07:10:39 (Time Zone: UTC)

Techno Electric Engineering Company (TEEC) is one of the leading power-infrastructure company engaged in three primary business segments; EPC (construction), renewable power generation (wind power) and public-private partnership (PPP) projects in transmission & distribution (T&D).

- EPC Business: Contributed ~89% to FY21 revenue, generated excellent RoCE of 50-75% over the past five years

- PPP projects business: It is present in BOOT/ BOOM transmission projects in PPP mode. It owned three assets in PPP mode

- Wind Power: TEEC owns ~130 MW of wind power generation capacity

Key triggers for future price performance

- Focused on maintaining market leading position for EPC in extra high voltage (EHV) substation segment

- Long term plan to foray into data centre market and become significant EPC player over the next three to four years

- Initially setting up a data centre with 30 MW IT load and 50 MW total load in Chennai, which will help achieve twin objectives of power offtake from wind assets and improve overall return ratios of the company

- EPC segment revenue to grow at ~33% CAGR in FY21E-23E on the back of entry into high growth areas like FGD, AMI and data centres

- The company has guided for order inflows of more than Rs. 2000-2500 crore for FY22E (with book to bill ratio of 2.4x) driven by high growth new business verticals providing much needed diversification

- Confident of maintaining industry superior margins of ~15-16% for core business over the next couple of years owing to efficient engineering and execution capabilities creating niche for itself

- Net debt free b/s, double-digit return ratios & strong cash generation and cash balance of ~Rs. 795 crore provide tremendous balance sheet strength

For details, click on the link below: Link to the report

Shares of Techno Electric & Engineering Company Ltd was last trading in BSE at Rs. 303 as compared to the previous close of Rs. 309.35. The total number of shares traded during the day was 7064 in over 571 trades.

The stock hit an intraday high of Rs. 315 and intraday low of 303. The net turnover during the day was Rs. 2186710.

Source: Equity Bulls

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