reports
ENGINEERS INDIA suffers a double requalification, which weighs heavily...
The independent financial analyst theScreener just downgraded the general evaluation of ENGINEERS INDIA (IN), active in the Heavy Construction industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of the analysis...
MOSL: ENGINEERS INDIA (Buy)-Revenue misses our estimate; order inflows...
ENGINEERS INDIA: Revenue misses our estimate; order inflows robust (ENGR IN, Mkt Cap USD0.5b, CMP INR72, TP INR95, 33% Upside, Buy) Sustenance of order inflows key to future outlook ENGR's 2QFY22 revenue was 12% below our estimate, with the miss led by lower than expected revenue in the Consultancy segment. Operating profit came in line with our estimate, with a favorable revenue mix (54% share of Consultancy segment revenue) leading to higher than estimated EBITDA margin at 9.3% (est. 8...
- Bhoomika Nair
Engineers India's Q3FY20 results (Outperformer) - Strong execution but...
Q3FY20 result highlights Adj. PAT +19.7% yoy to Rs1.1bn: led by higher revenues. Revenues grew 54.4% yoy: to Rs8.91bn led by growth in both consultancy (PMC; +6.6% yoy to Rs3.65bn) and LSTK (+124% yoy to Rs5.26bn) revenues on uptick in execution of orders in hand. Margins contracted 683bps yoy to 9.6%: led by adverse mix towards low margin LSTK segment. Further, margins contracted across LSTK (-304bps yoy to 3%) and PMC (-504bps yoy to 24.7%). Margin erosion was led by provisioning for cont...
MOSL: ENGINEERS INDIA (Buy)-Adverse mix, higher provisions impact prof...
Engineers India: Adverse mix, higher provisions impact profitability (ENGR IN, Mkt Cap USD0.8b, CMP INR95, TP INR130, 38% Upside, Buy) Subdued operating performance Even though Turnkey revenue booking during the quarter led to a big surprise on the revenue front, the operating performance was weak as the same carried low margins of ~3% v/s 25% for Consultancy business. Overall, reported earnings were in line with our expectations. Order book declined 6% YoY to INR102b, marking the secon...
- Bhoomika Nair
Engineers India's Q2FY20 results (Outperformer) - Strong margins; visi...
Q2FY20 result highlights Adj. PAT +56.2% yoy to Rs1.49bn: led by higher margins. However, reported PAT was down 31% yoy to Rs678mn due to tax provision. Revenues +6.2% yoy: to Rs7.24bn led by growth in both – consultancy (+6.5% yoy to Rs3.54bn) and LSTK (+6% yoy to Rs3.7bn) revenues. Margins expanded +135bps yoy to 14.8%: led by higher margins in LSTK (+270bps yoy to 7.7%) due to Rs90mn variation on closure of MRPL order. However, PMC margins fell 164bps yoy to 27.4% due to high base. Hence...
MOSL: ENGINEERS INDIA (Buy)-In-line-ordering disappoints
ENGINEERS INDIA: In-line; ordering disappoints (ENGR IN, Mkt Cap USD1.0b, CMP INR111, TP INR146, 32% Upside, Buy) Operating performance in line: Engineers India's (ENGR) sales increased 6% YoY to INR7.2b (in-line) in 2QFY20, supported by growth of 7% YoY in Consultancy segment and 6% YoY in Turnkey Projects segment. EBITDA was up 17% YoY to INR1.1b, with the margin of 14.8% ahead of our estimate of 14.3%. PBT increased 13% YoY to INR1.7b (in-line). With ENGR opting for the new tax structure, ...
MOSL: ENGINEERS INDIA (Buy)-Beat on all fronts; superior execution in ...
ENGINEERS INDIA: Beat on all fronts; superior execution in Consultancy (ENGR IN, Mkt Cap USD0.9b, CMP INR103, TP INR145, 41% Upside, Buy) Robust operating performance…: Sales grew 30% YoY to INR7.4b, ahead of our estimate of INR6.3b, supported by better-than-expected execution in Consultancy segment. EBITDA was up 63% YoY to INR1.4b (ahead of our estimate of INR973m), with the margin of 19% ahead of our estimate of 15.4%. PAT of INR1.3b exceeded our estimate of INR960m. …led by Consultan...
MOSL: ENGINEERS INDIA (Buy)-Turnkey faces execution challenges-order b...
Engineers India: Turnkey faces execution challenges; order backlog though provides strong revenue visibility (ENGR IN, Mkt Cap USD1b, CMP INR108, TP INR125, 16% Upside, Buy) A bleak operating performance …: Sales increased 20% YoY to INR6.1b, below our estimate of INR7.1b, impacted by weak execution in Turnkey segment (sales at INR2.6b v/s our estimate of INR3.6b). EBITDA increased 12% YoY to INR933m (below our estimate of INR1.1b), with the margin of 15.2% in line with our estimate of 15.1%....
- Bhoomika Nair
Engineers India's Q4FY19 results (Outperformer) - Earnings trajectory ...
Q4FY19 result highlights Adj. PAT +22.4% yoy to Rs908m: led by higher revenues and margins. Revenues +20% yoy: to Rs6.13bn led by uptick in execution in LSTK (+51% yoy to Rs3.5bn) PMC revs were muted at +4.4% yoy to Rs3.5bn. Margins expand 400bps yoy to 15.2%: led by higher margins in PMC (+210bps yoy to 28.7%; low base) despite adverse revenue mix towards LSTK (43% in 4Q19 vs 34% in 4Q18). LSTK margins fell 80bps to 6.3%. Hence, EBITDA grew 62% yoy to Rs933m. FY19 order intake at Rs58.9bn...
- Bhoomika Nair
Engineers India's Q3FY19 results (Outperformer) - Execution momentum s...
Q3FY19 result highlights Adj. PAT fell 16.3% yoy to Rs908m: led by high base (Rs650mn variation in PMC in 3Q18). Revenues +22% yoy: to Rs5.8bn led by +164% yoy in LSTK to Rs2.4bn. PMC revs fell 11% yoy to Rs3.4bn on high base (ex-variation +7% yoy). Margins fell to 16.4%: on high base (-1200bps yoy). Moreover, higher share of LSTK revs (41% vs 19% in 3Q18) as also orders in initial phase of execution (typically margins are lower). PMC margins at 29.7% (ex-variation +500bps yoy). Hence, EBI...
MOSL: ENGINEERS INDIA (Buy)-Hurt by weak Turnkey segment-order backlog...
Engineers India: Hurt by weak Turnkey segment; order backlog provides strong revenue visibility (ENGR IN, Mkt Cap USD1b, CMP INR111, TP INR145, 31% Upside, Buy) Weak performance at operating level: Sales increased 22% YoY to INR5.8b, below our estimate of INR6.5b. EBITDA declined 30% YoY to INR949m, with the margin of 16.4% ahead of our estimate of 15.7%, given the better-than-estimated margin in Consulting segment. EBIT margin shrank by 770bp YoY to 30% in Consulting and by 600bp YoY to ...
- Bhoomika Nair
Management Speak: Engineers India (Outperformer) - Order momentum to s...
Key highlights of our meeting with Engineers India (EIL) management: Robust order backlog provides earnings visibility: EIL has an order backlog of Rs115bn or 4.6x FY19E revenues (PMC at Rs49bn, 3.6x; LSTK at Rs66bn, 6x). Key projects like Rs55bn from HPCL-Barmer, Rs10bn for HMEL and Rs27bn for HPCL Vizag have led to order wins over last 3 years. Execution of these orders is likely to see strong pick up and drive strong revenue and earnings momentum FY20E onwards. Traction in order inflows to ...
- Bhoomika Nair
Engineers India's Q2FY19 results (Outperformer) - Strong execution
Q2FY19 result highlights Adj. PAT fell 19.5% yoy to Rs959m: led by high base (Rs370m write back in 2Q18). Reported PAT at Rs978mn on prior period write back. Revenues +59% yoy: to Rs6.8bn led by 3.6x yoy in LSTK to Rs3.5bn. PMC revenues flat at Rs3.3bn as meaningful execution yet to pick up. Margins fell 1900bps yoy to 13.4%: due to Rs370mn write back in LSTK in 2Q18 (high base). Moreover, higher share of LSTK revenues (51% vs 22% in 2Q18) and projects are in initial phase of execution, wh...
MOSL: ENGINEERS INDIA (Buy)-Execution on track-OMC-led business potent...
Engineers India: Execution on track; OMC-led business potential attractive (ENGR IN, Mkt Cap USD1.0b, CMP INR117, TP INR155, 33% Upside, Buy) Weak performance at operating level: Sales increased 59% YoY to INR6.8b, ahead of our estimate of INR5.7b. EBITDA declined 34% YoY to INR915m, with the margin of 13.4% coming in below our estimate of 17.3% due to a higher share of EPC sales at 51% (v/s 22% in 2QFY18). EBIT margin shrank by 270bp YoY to 29% in Consulting and by 520bp YoY to 6.5% in E...
MOSL: ENGINEERS INDIA (Buy)-Operating performance below expectations o...
Engineers India: Operating performance below expectations on margin miss (ENGR IN, Mkt Cap USD1.2b, CMP INR127, TP INR155, 22% Upside, Buy) Below estimates at operating level: Sales grew 53% YoY to INR5.7b, ahead of our estimate of INR4.4b. EBITDA grew 6% YoY to INR864m; margin contracted 670bp YoY to 15.1% against our estimate of 21.3%. The margin contraction was due to higher share of EPC sales at 44% in 1QFY19 against 14% in 1QFY18. EBIT margin in the Consulting segment was 28% (flat Y...
- Bhoomika Nair
Engineers India's Q1FY19 results (Outperformer) - Strong execution; or...
Q1FY19 result highlights PAT +6.4% yoy to Rs866m: led by pick up in execution. Revenues +52.7% yoy: to Rs5.7bn led by 5x yoy growth in LSTK to Rs2.51bn. PMC revenues fell 0.7% yoy to Rs3.2bn on a high base. Margins fell 670bps yoy to 15.1%: due to higher share of LSTK revenues (44% vs 14% in Q1FY18) which has lower margins, as also decline in LSTK margins (fell 173bps yoy to 5.9%) as projects in initial phase of execution, wherein margins are lower. PMC margins were flat yoy at 27.9%. Henc...
- Bhoomika Nair
Engineers India's Q4FY18 results (Outperformer) - Steady execution con...
Q4FY18 result highlights PAT +46% yoy to Rs962bn: led by margin expansion. Revenues +15% yoy: to Rs5.1bn led by 87% yoy growth in LSTK to Rs1.72bn. PMC revenues fell 3.9% yoy to Rs3.4bn due to a high base. Margins +330bps yoy to 15.6%: on a low base (Rs960mn gratuity provision in 4Q17). PMC margins contracted 1061bps yoy to 26.6% on high base (Rs180mn write back in 4Q17). LSTK margins fell 2831bps yoy to 7% due to high base (Rs390mn write back in 4Q17). We have treated Rs220mn write off o...
MOSL: ENGINEERS INDIA (Buy)-Consultancy segment disappoints-impacts ov...
Engineers India: Consultancy segment disappoints; impacts overall operational performance (ENGR IN, Mkt Cap USD1.8b, CMP INR140, TP INR180, 33% Upside, Buy) Operational performance below expectations: 4QFY18 revenue grew 15% YoY to INR5.1b, marginally below our estimate of INR5.2b. EBITDA declined 60% YoY to INR575m, impacted by INR220m write-off for its investment in oil and gas exploration block. Adjusting for this, EBITDA declined 45% YoY to INR795m, missing our estimate of INR1.1b. Ad...
- Bhoomika Nair
Engineers India's Q2FY18 results (Outperformer) - Another strong quart...
Q2FY18 result highlights PAT at Rs1.19m (+27% yoy): led by strong operational performance, partly offset by lower other income (17% decline on lower yield & cash). Revenue growth momentum strong at 27% yoy: to Rs4.3bn. LSTK revenues grew 50% yoy to Rs961mn helped by a low base and pick up in execution. PMC revenues grew 21% yoy to Rs3.3bn led by pick up in execution of domestic orders. Margin expansion on track (+470bps yoy to 32.4%): PMC margins expanded +37bps yoy to 31.8% led by positive...
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.