Engineers India Q4 Review - Strong Operating Performance: ICICI Securities

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Engineers India Q4 Review - Strong Operating Performance: ICICI Securities

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

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.

Click on the attachment to read the full report:

ICICI Securities Engineers India Q4FY21 Result Update.pdf

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