External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>ENGR's 3QFY22 revenue was 25% below our estimate, with the miss led by a 25%/26% miss in the Consultancy/Turnkey segment.</li><li>Operating profit stood at INR625m, 48% below our estimate.</li><li>This was on account of an unfavorable revenue mix, with 47% revenue from Turnkey projects.</li></ul><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>

ENGR's 3QFY22 revenue was 25% below our estimate, with the miss led by a 25%/26% miss in the Consultancy/Turnkey segment.Operating profit stood at INR625m, 48% below our estimate.This was on account of an unfavorable revenue mix, with 47% revenue from Turnkey projects.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.

Operating performance misses our estimate

<p>ENGR's 2QFY22 revenue was 12% below our estimate, with the miss led by lower than expected revenue in the Consultancy segment. Operating profit came in line with our estimate, with a favorable revenue mix (54% share of Consultancy segment revenue) leading to higher than estimated EBITDA margin at 9.3% (est. 8.2%). Lower than expected other income led to adjusted PAT 15% below our estimates.</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>

ENGR's 2QFY22 revenue was 12% below our estimate, with the miss led by lower than expected revenue in the Consultancy segment. Operating profit came in line with our estimate, with a favorable revenue mix (54% share of Consultancy segment revenue) leading to higher than estimated EBITDA margin at 9.3% (est. 8.2%). Lower than expected other income led to adjusted PAT 15% below our estimates.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.

Revenue misses our estimate; order inflows robust

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

<p>Going forward, we expect revenue, EBITDA to grow at CAGR of 4.9%, 19% CAGR, respectively, in FY20-23E with gradually increasing contribution from the consultancy segment over the next two to three years. EIL's balance sheet continues to remain healthy with zero debt and cash balance of ~Rs 1500 crore despite investment of ~Rs 700 crore in NRL and ~ Rs 650 crore towards share buyback.</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>

Going forward, we expect revenue, EBITDA to grow at CAGR of 4.9%, 19% CAGR, respectively, in FY20-23E with gradually increasing contribution from the consultancy segment over the next two to three years. EIL's balance sheet continues to remain healthy with zero debt and cash balance of ~Rs 1500 crore despite investment of ~Rs 700 crore in NRL and ~ Rs 650 crore towards share buyback.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.

Engineers India: Execution Pick-Up Led By Turnkey Segment

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>On the 9th of November, the board of <a href="https://www.smartkarma.com/entities/engineers-india-ltd" target="_blank" data-smartkarma-citation="entities:13697:1" rel="noopener">Engineers India (ENGR IN)</a> made an <a href="https://www.bseindia.com/xml-data/corpfiling/AttachHis/d9028510-2726-43b0-b1c9-6869a6c6a912.pdf" target="_blank" rel="noopener">announcement</a> that it would consider at the board meeting to take place 3 days hence, theretofore for the purposes of, inter alia, considering and approving the Q2 financial results, a buyback of shares. There were no details. </p><p>After the board meeting three days later, they announced that the plan was to propose a buyback of 69,869,047 shares at a price of Rs 84/share, which was effectively the maximum legal amount which could be spent on a buyback due to the statutory limit being 25% of the aggregate of the fully-paid-up share capital and the free reserves. It was 11.06% of shares out. They proposed a postal ballot which the ran from 21 Nov to 20 Dec. Shareholders approved. They set a 1 January record date. </p><p>Now it gets interesting.</p><p>Existing shareholders should DEFINITELY look at this.</p>

On the 9th of November, the board of Engineers India (ENGR IN) made an announcement that it would consider at the board meeting to take place 3 days hence, theretofore for the purposes of, inter alia, considering and approving the Q2 financial results, a buyback of shares. There were no details. After the board meeting three days later, they announced that the plan was to propose a buyback of 69,869,047 shares at a price of Rs 84/share, which was effectively the maximum legal amount which could be spent on a buyback due to the statutory limit being 25% of the aggregate of the fully-paid-up share capital and the free reserves. It was 11.06% of shares out. They proposed a postal ballot which the ran from 21 Nov to 20 Dec. Shareholders approved. They set a 1 January record date. Now it gets interesting.Existing shareholders should DEFINITELY look at this.

Hefty Engineers India Buyback Tender - Worth The Arb If You Own

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

<p>Last evening, the ETF manager posted a notice on their website with details on which companies would be divested by the Government of India and the minimum shareholding that the Government would like to hold post the ETF issue.</p><p>In this Insight, we look at the effective discount on the ETF at different issue sizes and the impact on some of the ETF constituents that will be bought from the market.</p><p><a href="https://www.smartkarma.com/entities/national-aluminium-co-ltd" target="_blank" data-smartkarma-citation="entities:1770:1" rel="noopener">National Aluminium (NACL IN)</a> is an interesting name for this ETF issue given the impact of the ETF manager buying shares in the market.</p>

Last evening, the ETF manager posted a notice on their website with details on which companies would be divested by the Government of India and the minimum shareholding that the Government would like to hold post the ETF issue.In this Insight, we look at the effective discount on the ETF at different issue sizes and the impact on some of the ETF constituents that will be bought from the market.National Aluminium (NACL IN) is an interesting name for this ETF issue given the impact of the ETF manager buying shares in the market.

Bharat 22 ETF - Effective Discount Shrinks Substantially

India

Engineers India Limited is a design and engineering company in the field of petroleum refineries, petrochemicals, oil and gas processing, offshore structures and platforms, fertilizers, metallurgy and power. EIL provides services such as design, engineering, procurement, construction management, commissioning assistance and project management.

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Engineers India (ENGR IN)

Operating performance misses our estimate

ENGR's 3QFY22 revenue was 25% below our estimate, with the miss led by a 25%/26% miss in the Consultancy/Turnkey segment. Operating profit...

Motilal Oswal

Revenue misses our estimate; order inflows robust

ENGR's 2QFY22 revenue was 12% below our estimate, with the miss led by lower than expected revenue in the Consultancy segment. Operating profit...

Motilal Oswal

Engineers India: Execution Pick-Up Led By Turnkey Segment

Going forward, we expect revenue, EBITDA to grow at CAGR of 4.9%, 19% CAGR, respectively, in FY20-23E with gradually increasing contribution from...

ICICI Securities Limited

Hefty Engineers India Buyback Tender - Worth The Arb If You Own

Engineers India is conducting a large Buyback Tender. For those in now (as of Jan1) and who want to keep their position, they can tender a portion...

Travis Lundy

Bharat 22 ETF - Effective Discount Shrinks Substantially

Last evening, the ETF manager posted a notice on their website with details on which companies would be divested by the Government of India and the...

Brian Freitas

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Operating performance misses our estimate

ENGR&#x27;s 3QFY22 revenue was 25% below our estimate, with the miss led by a 25%/26% miss in the Consultancy/Turnkey segment. Operating profit...

Motilal Oswal

Revenue misses our estimate; order inflows robust

ENGR's 2QFY22 revenue was 12% below our estimate, with the miss led by lower than expected revenue in the Consultancy segment. Operating profit...

Motilal Oswal

Engineers India: Execution Pick-Up Led By Turnkey Segment

Going forward, we expect revenue, EBITDA to grow at CAGR of 4.9%, 19% CAGR, respectively, in FY20-23E with gradually increasing contribution from...

ICICI Securities Limited

Hefty Engineers India Buyback Tender - Worth The Arb If You Own

Engineers India is conducting a large Buyback Tender. For those in now (as of Jan1) and who want to keep their position, they can tender a portion...

Travis Lundy

Bharat 22 ETF - Effective Discount Shrinks Substantially

Last evening, the ETF manager posted a notice on their website with details on which companies would be divested by the Government of India and the...

Brian Freitas

ENGR's 3QFY22 revenue was 25% below our estimate, with the miss led by a 25%/26% miss in the Consultancy/Turnkey segment. Operating profit...