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On Track, Awaiting more Orders! Tecpro Systems delivered soaring results in the second quarter FY12, in line with our expectations. Revenues and Profits moved up by more than 50% YoY. EBIDTA margins too improved by 120 bps YoY. Key Highlights
• The company’s revenues grew by 51% YoY and 30% QoQ at Rs.452.14 crore in Q2FY12. Revenue growth was contributed by both Material Handling and BOP segment.
• Total expenditure for the quarter stood at Rs.402crore as compared to Rs. 270crore in corresponding quarter last year, up by 49%.
• EBIDTA margins reported were 11.3%, an improvement of 30bps YOY, resulting from good sales growth and improved operational efficiency.
• Profits stood at Rs.8crore, a rise of 56% YoY, 64% QoQ on the back of good topline growth.
• Current Order book position stands at Rs.4437 crore, a rise of 9% QoQ. Some of the prominent orders the company bagged during the quarter were from BHEL (Rs.521 crore) and Ultratech Cement (Rs.80 crore).
• The comany has orders worth Rs.1100 crore in L1 stage in raw metrial and ash handling segment.
• Material handling segment contributed 52.6%, Ash Handling 7.1% and BOP contributed 40.3% of the order book.
• The company has completed the acquisition of Ambica Projects that operates in waste water recovery, BOP space.
Recommendation and Valuation Over the past few years, the company has grown at a phenomenal pace along with entry into the booming BOP-EPC space. A healthy order book minimizes the risk of any delay or cancellation of projects. Management seems to be confident on achieving a growth of 35-40% in top-line and 35% growth in order intake for the year. However, we have trimmed down our revenue and profit numbers for FY12E on the back of uncertainty of orders intake for the year. At CMP, the stock is trading 6.5x and 5.2x its FY12E and FY13E earnings respectively. We reiterate BUY rating on the stock with a price target of Rs.284 having an upside potential of 39%.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
On Track, Awaiting more Orders! Tecpro Systems delivered soaring results in the second quarter FY12, in line with our expectations. Revenues and Profits moved up by more than 50% YoY. EBIDTA margins too improved by 120 bps YoY. Key Highlights
• The company’s revenues grew by 51% YoY and 30% QoQ at Rs.452.14 crore in Q2FY12. Revenue growth was contributed by both Material Handling and BOP segment.
• Total expenditure for the quarter stood at Rs.402crore as compared to Rs. 270crore in corresponding quarter last year, up by 49%.
• EBIDTA margins reported were 11.3%, an improvement of 30bps YOY, resulting from good sales growth and improved operational efficiency.
• Profits stood at Rs.8crore, a rise of 56% YoY, 64% QoQ on the back of good topline growth.
• Current Order book position stands at Rs.4437 crore, a rise of 9% QoQ. Some of the prominent orders the company bagged during the quarter were from BHEL (Rs.521 crore) and Ultratech Cement (Rs.80 crore).
• The comany has orders worth Rs.1100 crore in L1 stage in raw metrial and ash handling segment.
• Material handling segment contributed 52.6%, Ash Handling 7.1% and BOP contributed 40.3% of the order book.
• The company has completed the acquisition of Ambica Projects that operates in waste water recovery, BOP space.
Recommendation and Valuation Over the past few years, the company has grown at a phenomenal pace along with entry into the booming BOP-EPC space. A healthy order book minimizes the risk of any delay or cancellation of projects. Management seems to be confident on achieving a growth of 35-40% in top-line and 35% growth in order intake for the year. However, we have trimmed down our revenue and profit numbers for FY12E on the back of uncertainty of orders intake for the year. At CMP, the stock is trading 6.5x and 5.2x its FY12E and FY13E earnings respectively. We reiterate BUY rating on the stock with a price target of Rs.284 having an upside potential of 39%.
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