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TECPRO SYSTEMS: Key takeaways
Maintains guidance of Rs21 bn revenues in FY2011E, implying a very strong 44%
growth on a yoy basis. The company has reported revenues of about Rs10 bn in
9MFY10. However the management cites that the revenues booking is very skewed
towards the fourth quarter with about 50% of revenues booked in 4Q (similar trend
also witnessed in FY2010).
Tecpro management expects to maintain a strong revenue growth trajectory of about
30-40% over the next few years.
Tecpro has won new orders to the tune of about Rs39 bn in FY2011, so far comprised
of Rs11 bn in material handling, Rs3.2 bn in ash handling and Rs20 bn BoP orders
from APGENCO. The management expects the company to end the year with an order
backlog of about Rs36-38 bn (assuming no more order wins in FY2011) which
provides a revenue visibility of about 2.2 years.
The management reported current debt levels of about Rs6.5 bn (versus Rs4.8 bn at
end-FY2010) primarily towards working capital requirements - about Rs6 bn of the
debt is working capital loans.
The company has recently entered into tow technical collaborations: (1) license
agreement with Pneuplan Oy, Finland for projects involving dense phase pneumatic
conveying for fly ash and allied materials and (1) exclusive collaboration agreement
with Nanjing Triumph Kaineng Environment and Energy Company Ltd, China (NTK) for
Waste Heat Power (WHR) projects in the Indian market.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
TECPRO SYSTEMS: Key takeaways
Maintains guidance of Rs21 bn revenues in FY2011E, implying a very strong 44%
growth on a yoy basis. The company has reported revenues of about Rs10 bn in
9MFY10. However the management cites that the revenues booking is very skewed
towards the fourth quarter with about 50% of revenues booked in 4Q (similar trend
also witnessed in FY2010).
Tecpro management expects to maintain a strong revenue growth trajectory of about
30-40% over the next few years.
Tecpro has won new orders to the tune of about Rs39 bn in FY2011, so far comprised
of Rs11 bn in material handling, Rs3.2 bn in ash handling and Rs20 bn BoP orders
from APGENCO. The management expects the company to end the year with an order
backlog of about Rs36-38 bn (assuming no more order wins in FY2011) which
provides a revenue visibility of about 2.2 years.
The management reported current debt levels of about Rs6.5 bn (versus Rs4.8 bn at
end-FY2010) primarily towards working capital requirements - about Rs6 bn of the
debt is working capital loans.
The company has recently entered into tow technical collaborations: (1) license
agreement with Pneuplan Oy, Finland for projects involving dense phase pneumatic
conveying for fly ash and allied materials and (1) exclusive collaboration agreement
with Nanjing Triumph Kaineng Environment and Energy Company Ltd, China (NTK) for
Waste Heat Power (WHR) projects in the Indian market.
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