Engineers India Q3 Review - Order Inflows Key To Further Outlook: Motilal Oswal
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Motilal Oswal Report
Engineers India Ltd.’s Q3 FY21 revenue was above our estimate, with the beat entirely owing to higher revenue in the Turnkey segment.
Operating profit came in 24% lower than our estimate, owing to an adverse revenue mix (57% share of Turnkey segment revenue) and lower margin owing to higher provisioning on a YoY basis.
The buyback proposal for acquisition of 69.9 million shares (approximately11% of total shares) at Rs 84 per share began on December 22, 2020 and is expected to be completed by Feb. 5, 2021.
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