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VA Tech Wabag Q3 Results Review - Weakness Persists On Execution Front: Yes Securities

VA Tech Wabag’s robust order book, execution ramp up, op efficiencies would help it capitalise on forthcoming opportunities.

<div class="paragraphs"><p>A water treatment plant. (Photo: VA Tech Wabag’s official Facebook page)</p></div>
A water treatment plant. (Photo: VA Tech Wabag’s official Facebook page)

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Yes Securities Report

VA Tech Wabag Ltd.’s revenue declined 28% YoY to Rs 6.5 billion while Ebitda margins grew 319 basis points to 11.5% on account of easing of raw material cost.

Order intake was strong at Rs 18.9 billion during nine months-FY23 leading to a robust orderbook of Rs 100.4 billion (3.4 times trailing twelve months sales), 63% of which is for engineering, procurement and construction contracts.

Biding for Chennai 400 million litre per day desalination project is expected to be completed by FY23 end. Working capital days has been 90 days driven by business operation efficiency.

VA Tech Wabag has been focusing on bidding for more engineering and equipment supply orders and for multilaterally funded international projects, to support margin and cashflow growth.

Click on the attachment to read the full report:

Yes Securities VA Tech Wabag Q3FY23.pdf
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