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BGR Energy bags order worth `1,689cr
BGR Energy (BGR) has secured an EPC contract from TRN Energy Pvt. Ltd. to set up
2X300MW coal-based thermal projects. Valued at `1,689cr, the order contains a
foreign exchange component of US$188mn at an exchange rate of `44.7. The
project is to be executed over a period of 29 months for the first unit and 32
months for the second unit. The projects have procured fuel linkage and have
obtained environmental clearance. The company expects an EBITDA margin of 10-
11% for this order. With this order, the order book now stands at ~`9,000cr.
During the earnings conference call held recently, management had guided for an
order intake of ~`5,000cr (including the NTPC bulk tender) for FY2012E. This
contract takes the order intake tally ahead of management's guidance (~`5,900cr
till date), which also exceeds our estimate of `5,000cr. Management also indicated
execution of these orders from FY2013E, which builds an additional reservoir of
revenue of `675cr (rough estimate), which in our view is an extremely positive
development for the company. Further, EPC order win from RRVUNL (~`6,000cr)
remains a key upside risk.
We are in the process of detailed evaluation of this order. Meanwhile, the stock is
under review.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
BGR Energy bags order worth `1,689cr
BGR Energy (BGR) has secured an EPC contract from TRN Energy Pvt. Ltd. to set up
2X300MW coal-based thermal projects. Valued at `1,689cr, the order contains a
foreign exchange component of US$188mn at an exchange rate of `44.7. The
project is to be executed over a period of 29 months for the first unit and 32
months for the second unit. The projects have procured fuel linkage and have
obtained environmental clearance. The company expects an EBITDA margin of 10-
11% for this order. With this order, the order book now stands at ~`9,000cr.
During the earnings conference call held recently, management had guided for an
order intake of ~`5,000cr (including the NTPC bulk tender) for FY2012E. This
contract takes the order intake tally ahead of management's guidance (~`5,900cr
till date), which also exceeds our estimate of `5,000cr. Management also indicated
execution of these orders from FY2013E, which builds an additional reservoir of
revenue of `675cr (rough estimate), which in our view is an extremely positive
development for the company. Further, EPC order win from RRVUNL (~`6,000cr)
remains a key upside risk.
We are in the process of detailed evaluation of this order. Meanwhile, the stock is
under review.
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