Engineers India Q4 Review - Strong Operating Performance: ICICI Securities
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ICICI Securities Report
Engineers India Ltd. reported better than expected execution, especially under the consultancy and turnkey segment.
Led by Rs 6 billion of orders from Indian Oil Corporation Ltd. Panipat, order intake was healthy, strong order pipeline provides growth visibility.
Accounting for any likely principal default under employee provident fund trust, the company has provided Rs 1.5 billion towards the same in Q4 FY21, and this has impacted the reported earnings.
Company invested Rs 7 billion for 4.3% stake in Numaligarh refinery along with Oil India Ltd.
The proportion of consultancy orders in the orderbook has increased and order prospects are healthy.
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