Techno Electric Q4 Results Review - Healthy Growth Outlook: ICICI Direct

ICICI Direct Report

Techno Electric and Engineering Ltd. reported a weak set of Q4 FY23 numbers.

Consolidated revenues came in at Rs 313 crore, grew by 2.5% YoY. Techno Electric's Ebitda came in at Rs 3.1 crore, de-grew by 91.6% YoY with margins at 1%, contracting 1115 basis points YoY. Consequently, profit after tax de-grew by 97.5% YoY to Rs 1.1 crore.

Key triggers for future price performance:

• Entry into data centre, smart meters and flue gas desulphurisation market and become significant engineering, procurement and construction player over the next three to four years.

• Improved revenue visibility, healthy balance sheet and cash balance of Rs 1500 crore.

• We expect revenue, Ebitda to grow at a compound annual growth rate of ~50.1%, 54.6%, respectively, in FY23-25E.

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