ISGEC Heavy Engineering - Healthy Margins Support Q3 Earnings Growth: ICICI Securities
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ICICI Securities Report
ISGEC Heavy Engineering Ltd. has reported better-than-expected margins, product segment margins improved 230 basis points YoY to 10.1% and engineering procurement construction margins grew 130bps YoY to 5.5%, supporting standalone earnings growth of 14% YoY at Rs 553 million.
While sugar segment revenues showed marginal dip at 3% YoY, margin expansion of 1560bps at 24.3% YoY lead to 4% YoY growth in consolidated profit after tax.
Despite headwinds, the company had consolidated orderbook of Rs 68.63 billion, of this, projects/products mix is 78%/22% with exports constituting 16% of orderbook at Rs 10.8 billion.
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