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Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects. It operates through three segments: Erection, Civil and Operations, & Maintenance.
Consolidated quarter results
In quarter ended June 2019, sales grew 6% to Rs 491.22 crore.
OPM fell 10 basis points to 13.1% which saw OP rise 6% to Rs 64.30 crore.
Other income fell 34% to Rs 1.87 crore and interest cost grew 22% to Rs 14.12 crore. As depreciation fell 2% to Rs 10.31 crore, PBT grew 1% to Rs 41.74 crore. After providing for taxation (up 36% to Rs 14.88 crore; (tax incidence grew from 26.3% to 35.6%), PAT fell 12% to Rs 26.87 crore.
Profit in JV was Rs 1.17 crore against a loss of Rs 7 lakh and minority interest stood at a profit of Rs 37 lakh against a loss of Rs 6.12 crore. Finally net profit grew 16% to Rs 28.41 crore.
FY 2019 consolidated results
In FY 2019, sales grew 46% to Rs 2261.30 crore.
OPM fell 20 basis points to 12.9% which saw OP grow 44% to Rs 29078 crore.
Other income jumped 110% to Rs 14.13 crore and interest cost grew 54% to Rs 55.07 crore. As depreciation grew 7% to Rs 45.80 crore, PBT grew 57% to Rs 204.04 crore. As tax grew 59% to Rs 62.37 crore, PAT grew 56% to Rs 141.67 crore.
Profit in JV was Rs 1.53 crore against a loss of Rs 23 lakh and minority interest jumped 90% to Rs 21.56 crore. Finally net profit grew 53% to Rs 121.64 crore.
Valuation
The stock trades at Rs 885.
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