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Power Mech Projects Q3 Review – Result Above Expectations; Order Inflow Guidance: Nirmal Bang

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Power Mech Projects Ltd.’s Q3 FY22 consolidated revenue increased by 27% YoY to Rs 6.5 billion, above our/consensus estimate by 10.4%/9.5%.

While erection, testing and commissioning segment’s sales declined by 5% YoY to Rs 1.27 billion, operation and maintenance/civil segment’s sales jumped by 32%/46% YoY to Rs 2.26 billion/Rs 2.68 billion.

Ebitda stood at Rs 677 million, up 207.5% YoY. Ebitda margin improved by 620 basis points to 10.5%, marginally below our/consensus estimate of 11%/11%.

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Profit after tax stood at Rs 328 million, up 945.9% YoY. Profit after tax was above our/consensus estimate by 4.7%/7.8%. Order book remains strong at Rs 74.97 billion.

Power Mech has received orders worth Rs 19.6 billion in nine months-FY22 and it has level-one position in contracts worth Rs 17 billion.

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