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Apr-Jun 2013 Earnings Preview
Consolidated Sectoral Data
Key Figures (Rs m)
2013 2014E 2015E
Net Sales 1,035,279 1,187,149 1,362,733
Growth (%) 10.7 14.7 14.8
EBITDA 138,510 160,294 186,165
Margin (%) 13.4 13.5 13.7
PAT 50,358 58,753 73,789
Growth (%) (5.2) 16.7 25.6
PE (x) 22.1 18.9 15.1
Quarterly Table (Rs m)
Apr‐Jun'13 Apr‐Jun'12 YoY gr. (%) Jan‐Mar'13 QoQ gr. (%)
Net Sales 241,633 223,514 8.1 321,188 (24.8)
EBITDA 32,787 31,297 4.8 44,577 (26.4)
Margin (%) 13.6 14.0 (43)bps 13.9 (31)bps
PAT (Excl. Ex Items) 9,971 10,037 (0.7) 20,264 (50.8)
Note: Revenue, EBITDA and PAT numbers are arrived by totaling corresponding numbers of all companies under our coverage in this
sector.
Engineers India
Rating
Accumulate
Price (Rs) 141
Target Price (Rs) 167
M/Cap (Rs bn) 47.4
Shares o/s (m) 336.9
Key Figures (Rs m)
Y/e March FY13 FY14E FY15E
Net Sales 25,059 24,057 25,981
EBITDA 6,138 5,647 5,821
Margin (%) 24.5 23.5 22.4
PAT 6,181 5,518 5,241
EPS (Rs) 18.3 16.4 15.6
Growth (%) (2.9) (10.7) (5.0)
RoE (%) 30.3 23.1 19.5
PE (x) 7.7 8.6 9.0
P / BV (x) 2.1 1.9 1.7
EV / E (x) 4.7 4.2 3.8
Order intake in Q1FY14E is expected to be at Rs2bn. The company is expected to win
some major orders aggregating to Rs10-12bn in FY14E. We are expecting
contribution from LSTK to grow and thus, EBITDA margin is expected to remain flat
YoY.
Quarterly Table (Rs m)
Y/e March
Q1
FY14E
Q1
FY13
YoY gr.
(%)
Q4
FY13
12M
FY14E
12M
FY13
YoY gr.
(%)
Net Sales 6,845 7,200 (4.9) 5,135 24,057 25,059 (4.0)
EBITDA 1,433 1,509 (5.0) 1,346 5,647 6,138 (8.0)
Margin (%) 20.9 21.0 (3)bps 26.2 23.5 24.5 (102)bps
Reported PAT 1,428 1,543 (7.5) 1,807 5,518 6,569 (16.0)
PAT (Excl. Ex Items) 1,428 1,543 (7.5) 1,702 5,518 6,181 (10.7)
Operating Metrics
Consultancy (Rs m) 2,974 2,892 2.8 3,027 12,028 12,342 (2.5)
LSTK (Rs m) 3,871 4,308 (10.1) 2,108 12,028 12,717 (5.4)
Other Inc. / PAT (%) 50.4 47.5 296 bps 58.2 42.4 48.2 (574)bps
Order Book (Rs bn) 28.2 41.4 (31.9) 33.0 25.5 33.0 (22.7)
July 8, 2013 97