BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Engineers India Ltd.’s Q2 FY22 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% (estimate: 8.2%).
Lower than expected other income led to adjusted profit after tax 15% below our estimates.
Order inflows in Q2 /H1 FY22 stood at Rs 11.7 billion/Rs 14.5 billion, and ~30% higher versus H1 FY20 levels, thereby indicating a revival in ordering activity in its key end-market of oil and gas.
While oil and gas continues to remain a key end-market for Engineers India, the management is exploring other end markets where its expertise can be implemented (Biofuels).
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