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Home STOCKS Engineers India share price: Buy Engineers India, target price Rs 112: ICICI...

Engineers India share price: Buy Engineers India, target price Rs 112: ICICI Securities

ICICI Securities has specified a buy score to Engineers India with a focus on price of Rs 112. The share price moved up by 3.07 for each cent from its preceding close of Rs 79.90. The stock’s last traded price is Rs 82.35.
Execution on HPCL Barmer orders has commenced and HPCL Vizag challenge has obtained traction ensuing in robust 39 for every cent 12 months on yr growth in revenues to Rs 8.5 billion led by 74 per cent 12 months on yr advancement under lump sum turnkey at Rs 4.5 billion, although consultancy segment grew 14 per cent yr on yr to Rs 4 billion.
Investment Rationale
According to the brokerage, Engineers India described far better than predicted execution in Q4FY20 and is assured of revival of all round venture functions publish lockdown. Order ingestion outlook continues to be robust on the back again of budgeted contracts from BPCL and IOCL. Purchasing on the Numaligarh undertaking is probably to be in phases and, specified intense pricing, EIL is not keen on it. With the orderbook strong at Rs 95.6 billion (3 moments trailing twelve thirty day period sales) and the encouraging order ingestion pipeline, growth outlook is nutritious.
Factoring-in Covid associated slippages, the brokerage has slash FY21E and FY22E earnings by 10 per cent and 4.5 per cent respectively. Presented the medium to extensive term expansion visibility and through valuation at 11.9 occasions FY22E earnings, the brokerage maintains buy ranking on the stock with a revised target price of Rs 112 (previously: Rs 103).
Earnings Estimate Revision
Financials
For the quarter ended March 31, 2020, the organization reported consolidated sales of Rs 864.38 crore, down -3.87 per cent from past quarter sales of Rs 899.17 crore and up 39.85 for each cent from past year’s exact same quarter sales of Rs 618.08 crore. The business documented net profit immediately after tax of Rs 128.98 crore in the most current quarter.
Promoter/FII Holdings
Promoters held 51.50 per cent stake in the enterprise as of March 31, 2020, when FIIs held 7.59 for each cent, DIIs 25.51 for each cent and public & many others 15.4 per cent.

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