Key Highlights

New policy yet to trigger at the ground level as per the management. While government spending, utility spending and Renewable provide good opportunities, domestic demand from IPPs, power generation companies, Mining, Oil & Gas continue to remain sluggish.

The company has ventured into new areas of Data Centre's, Water projects, Transports etc which will drive better order book composition and higher margins going forward. Smart city orders constitute around 10-12% of total orders in hand. The company is penetrating faster in Datacenters, Transport and Water segment

Order inflow during Dec'15 stood at Rs 336 crore down by 4% YoY. The company was very selective in taking orders based on credits and secured terms.

Strong execution and proper management and sound order book helped 12% growth in net sales for 9 months ended Dec'15 on YoY basis.

Forex gain for Dec'15 quarter stood at Rs 5 crore while forex loss during 9 months ended Dec'15 stood at Rs 9 crore.

Pricing on Smart equipment is relatively better, while on conventional requirements of electrical equipments pricing continue to remain challenging

Debt is around Rs 238 crore as on Dec'15 and cash in hand is around Rs 60 crore

Overall, management remains optimistic going forward, with the improvement of high margin orders from Smart contracts.