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ICICI Securities Report
Techno Electric and Engineering Company Ltd. has reported better-than-expected margins under engineering procurement and construction (EPC) segments in Q1 FY21.
The company was able to control the fixed expenses focusing on reduction in employee cost and other expenditure.
It won Rs 2.3 billion worth of orders in the quarter and is Level one in another Rs 700 million order.
Order intake pipeline is strong, execution traction is gradually improving and the management is confident of a flat revenue growth in FY21E, expecting pick up in H2 FY21.
Factoring the stress in wind segment pricing and margins, we cut our earnings by 1.3% and 9.7% for FY21E and FY22E, respectively.
Given strong balance sheet with cash and equivalents of Rs 4 billion, strong orderbook and healthy order intake outlook,
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