External broker reports(aggregated public sources), Nirmal Bang

Nirmal Bang

External broker reports(aggregated public sources)

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Equity Bottom-Up

Power Mech Projects Ltd / Equity Bottom-Up

<div><div><div><div><ul><li>Strong ordering pipeline, margins to improve going forward: The company has received two orders worth Rs2.97bn in 1QFY23.</li></ul><div><div><div><div><ul><li>Working capital position: Working capital days at the end of 4QFY22 saw an improvement to 145 days vs 194 days at the end of 4QFY21 and 180 days at the end of 3QFY22.</li></ul><div><div><div><div><ul><li>Outlook: We expect revenue/earnings CAGR of 29.3%/42.4% over FY22-FY24E. Current valuation is inexpensive considering the company’s healthy order book, low D/E and decent RoCE (18% in FY20).</li></ul></div></div></div></div></div></div></div></div></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Strong ordering pipeline, margins to improve going forward: The company has received two orders worth Rs2.97bn in 1QFY23.Working capital position: Working capital days at the end of 4QFY22 saw an improvement to 145 days vs 194 days at the end of 4QFY21 and 180 days at the end of 3QFY22.Outlook: We expect revenue/earnings CAGR of 29.3%/42.4% over FY22-FY24E. Current valuation is inexpensive considering the company’s healthy order book, low D/E and decent RoCE (18% in FY20).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power Mech Projects - Result Above Expectations; Rs36bn Revenue Guidance Given

<p>Diversification into Civil provides strong visibility on growth Power Mech Projects' (PMP) 4QFY21 consolidated revenue increased by 27% YoY to Rs7.5bn, 24% above our estimate. While the lockdown had adversely impacted execution in 3QFY21, it completely normalized in 4QFY21. Management highlighted that execution has picked up across large projects. While ETC segment sales fell by 12% YoY to Rs1.6bn, O&amp;M;/Civil sales grew by 29%/75% YoY to Rs2.2bn/Rs3.2bn. EBITDA increased by 14.5% YoY to Rs745mn, but EBITDA margin declined by 100bps YoY to 9.9%, which was below our estimate of 11.1%.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

Diversification into Civil provides strong visibility on growth Power Mech Projects' (PMP) 4QFY21 consolidated revenue increased by 27% YoY to Rs7.5bn, 24% above our estimate. While the lockdown had adversely impacted execution in 3QFY21, it completely normalized in 4QFY21. Management highlighted that execution has picked up across large projects. While ETC segment sales fell by 12% YoY to Rs1.6bn, O&amp;M;/Civil sales grew by 29%/75% YoY to Rs2.2bn/Rs3.2bn. EBITDA increased by 14.5% YoY to Rs745mn, but EBITDA margin declined by 100bps YoY to 9.9%, which was below our estimate of 11.1%.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Power Mech Projects- 4QFY21 Result Update- Diversification into Civil provides strong visibility...

India

Power Mech Projects Limited operates as an integrated power infrastructure services company. The Company provides comprehensive erection, testing and commissioning of boilers, turbines and generators, civil works and operation, and maintenance services. Power Mech Projects serves customers  worldwide.

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Power Mech Projects Ltd (POWM IN)

Power Mech Projects - Result Above Expectations; Rs36bn Revenue Guidance Given

Power Mech Projects (PMP) reported its highest ever consolidated quarterly revenue at Rs9.02bn for 4QFY22, up by 19.5% YoY.

Nirmal Bang

Power Mech Projects- 4QFY21 Result Update- Diversification into Civil provides strong visibility...

Diversification into Civil provides strong visibility on growth Power Mech Projects' (PMP) 4QFY21 consolidated revenue increased by 27% YoY to...

Nirmal Bang

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