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.
ICICI Securities Report
Techno Electric and Engineering Ltd. has reported 193 basis points YoY increase in margins to 31%, offsetting the subdued 6.4% YoY revenue growth to Rs 2.7 billion.
Order intake is likely to pick up in H2 FY22E led by flue-gas desulfurisation and Power Grid ordering.
The management is guiding Rs 20 billion worth of order intake in FY22E and is level-one in Rs 4 billion worth of orders.
Techno Electric plans to enter data centre market with an investment outlay of Rs 10 billion over the next two years – it expects 23% return on equity from the same.
Given the muted H1 FY22 execution, we cut FY22E and FY23E consolidated earnings estimates by 10% and 22%, respectively.
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