Power Mech Projects - Normalcy Returns In Q3 Execution; Ebitda Margin To Follow: Nirmal Bang
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Nirmal Bang Report
Power Mech Projects Ltd.’s Q3 FY21 consolidated revenue fell 7% YoY to Rs 5.1 billion, 11% above our estimate.
While the lockdown impact led to lower execution in October-November 2020, it completely normalised in December-20.
Even for large projects such as Maitree (Bangladesh), Barh and Nabinagar, the execution has picked up substantially.
While erection, testing and commissioning segment sales fell by 34% YoY to Rs 1.3 billion, operation and maintenance, civil sales grew by 5%/25% YoY to Rs 1.7 billion/Rs 1.8 billion.
Ebitda fell 70% YoY to Rs 220 million, leading to 900 basis points YoY decline in Ebitda margin to 4.3%, below our estimate of 5.1%.
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