The Anup Engineering Ltd Research ReportQ3FY213

Anup’s Q3FY21 performance was subpar led by lower execution on account of night curfew in Ahmedabad post Diwali (loss of 20 days). Further, dispatch of heat-exchangers remained an issue during the curfew days as the company faced logistic challenges. Bottomline was cushioned, led by reversal of taxation as the company adopted a lower tax rate under Sec-115- BAA. Revenue for the quarter came in at | 29 crore, down 62% YoY, 66% QoQ. Execution was impacted on account of night curfew in Ahmedabad. On the positive side, the company has finished goods stock of | 28 crore value as on December end. EBIDTA came in at | 6.8 crore, down 68% YoY entailing a margin of 23% vs 27% YoY. Employee cost increased 26% YoY to | 4.6 crore while other expenses declined 4% YoY to | 14.2 crore. Employee cost increased 26% YoY to | 4.6 crore while other expenses declined 4% YoY to | 14.2 crore. PAT declined 34% YoY to | 9.1 crore cushioned by negative tax charge of | 4.1 crore.