Published on 18/09/2020 12:10:53 PM | Source: Sushil Finance Ltd

Buy Engineers India Ltd For Target Rs.134 - Sushil Finance

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For the Quarter ended Q1-FY21:

* The company faced numerous challenges due to the nation wide lockdown imposed by the Government due to COVID-19 pandemic. As a result, activities were sluggish during the first quarter of FY 2021.

* Business Operations took time to reach normalcy as the lockdown was lifted due to issues like availability of labor. In the month of April activities were completely stopped and in the months of May and June the activities could ramp up only upto 30 to 40% of pre-COVID levels. Now all business activities are at 70-80% of PreCOVID levels.

* Net Sales of the company saw a huge de growth of ~45% on a QoQ basis and ~36% on a YoY basis mainly due to the reasons mentioned above. Consultancy business formed 59% of the total sales and balance was sales from Turnkey projects.

* Order booking is also slow from all government institutions and organization and as a result the company was able to book only Rs. 81 Crore worth of orders as on Q1- FY21.


* Some Key Projects secured are:

1. Project Management Consultancy Services for Dhamra -Haldia Pipeline Project (GAIL Ltd) : Rs 31.7 Crore;

2. Detailed Engineering Consultancy and Construction Supervision for Setting Up Nuclear Fuel Complex (Dept of Atomic Energy-Kota): Rs. 29.1 Crore;

3. Coker block of Resid Up-gradation Project (CPCL): Rs. 12.9 Crore;

4. Various small assignment under call off contracts (ADNOC Offshore): Rs. 3.6 Crore.


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