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. 

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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

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

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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

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...