VA Tech Wabag Q3 - Healthy Execution, But Working Capital Woes Remain: ICICI Securities
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ICICI Securities Report
VA Tech Wabag Ltd.’s Q3 FY21 performance was better than expectations, supported by pick up in both domestic and overseas execution leading to healthy operating margins.
Kolkata hybrid annuity model project financial closure is in its final stages and is likely to commence by March 2021.
Chennai 400 million litres per day desalination project ordering activity has commenced and pre-qualification bids are expected to get over by next month.
Strong orderbook of Rs 107 billion (4.2 times trailing twelve months sales) lends visibility and the company has announced euro 100 million worth of overseas orders; however, 33% of orderbook is operation and maintenance which restricts near- to medium-term growth.
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