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- 05 Feb 2024
- ICICI Securities
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EXECUTION REMAINS MUTED
ENGINERSIN - 235 Change: -4.78 (-1.99 %)News: Revenue was up 3.1% YoY (+10.2% QoQ) to Rs 856.3 crore. Consultancy segment revenue increased by 2.5% YoY (flat QoQ) to Rs 359.1 crore while turnkey segment revenue was up 3.5% YoY (+19.5%) to Rs 497.3 crore. EBITDA margin remained flat YoY at 5.6%, translating EBITDA growth at 2.8% YoY to Rs 47.8 crore. Consultancy EBIT margin stood at 18.2% (-148 bps YoY) while turnkey segment EBIT margin improved significantly to 4.8% (+288 bps YoY). PAT increased by 5.1% YoY (-50.9% QoQ) to Rs 50.2 crore. For 9MFY24, revenue is up 1% YoY to Rs 2442 crore with EBITDA margin at 8.7% (vs 5.6% in 9MFY23).
Views: Order backlog stands at Rs 7991 crore as of Dec 2023 end (2.4x TTM revenue), provides robust growth visibility. Total order inflow was Rs 637 crore (all in consultancy segment) during the quarter and Rs 3046 crore in 9MFY24. Consultancy segment which contributes ~60% of total order book, expected to witness significant recovery led by execution of existing contracts and healthy orders pipeline in domestic & international markets. Apart from the existing core areas, the company is looking for newer growth segments also like green hydrogen, ammonia, bio-fuels, defence etc in margin-accretive consultancy segment.
Impact: Neutral