Techno Electric & Engineering Q1 Review - Healthy Margins Offset Revenue Miss: ICICI Securities
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ICICI Securities Report
Techno Electric and Engineering Company Ltd. has reported 310 basis points YoY increase in margins to 29%, offsetting the miss in revenue at Rs 1.9 billion versus our estimate of Rs 2.4 billion.
Order intake is likely to pick up in FY22E led by flue gas desulphurisation and power grid ordering, management is guiding Rs 20 billion of order intake in FY22E and is level one in Rs 4 billion worth of orders.
Techno Electric plans to enter data centre market with an investment outlay of Rs 7.5 billion over the next two years – it expects 20% return on equity from the same.
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