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Results
17-Aug-18
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Analysis
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Engineers India
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Sales up 53% driven by LTP business
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Engineers India (EIL) the PSU Engineering Project Consultancy & Turnkey major registered 10% growth in its net profit (total comprehensive income net of tax) to Rs 87.10 crore for the quarter ended June 2018, even while its sales was up by strong 53% to Rs 573.32 crore. Just an early double digit growth in net profit despite revenue growth in early fifties was largely due to 670 bps fall in operating profit margin to 15.1% which almost offset the benefit of higher sales with operating profit up by just 6% to Rs 86.35 crore. Other income was up by 14% to Rs 52.20 crore and the PBIDT was up by 9% to Rs 138.55 crore. With interest up by 312% to Rs 0.20 crore and the depreciation was down by 8% to Rs 5.52 crore, the growth at PBT was 9% to Rs 132.83 crore. After accounting for higher taxation the PAT before PPT and other comprehensive income (net of tax) was up by 6% to Rs 86.62 crore. The prior period tax was nil for the quarter as well as corresponding previous period and the other comprehensive income was a swing of Rs 2.83 crore to an income of Rs 0.48 crore, the total comprehensive income was up by 10% to Rs 87.10 crore.
- Upside at top-line is largely due to strong revenue growth registered by Lump-sum Turnkey Projects (LTP). The segment revenue of at both Consultancy & Engineering Projects (C&EP) was down by 1% to Rs 322.32 crore and that of LTP jumped up by 393% to Rs 251.00 crore albeit on a low base.
- Contribution of C&EP to top-line declined to 56% from 81% in corresponding previous period. But that of LTP increased to 44% from 14% in corresponding previous period.
- EBIT for the quarter was up by 10% to Rs 104.73 crore facilitated by strong growth in segment profit of LTP business of the company. The segment profit of C&EP was down by 1% to Rs 90 crore hit by lower sales as well as just a marginal 10 bps contraction in segment margin to 27.9%. The segment profit of LTP jumped up by 281% to Rs 14.73 crore largely driven by higher sales as its segment margin contract by 170 bps to 5.9%.
- OPM contracted by 670 bps to 15.1% and that is largely due to sharp rise in sub contract charges as well as material cost. Staff cost as proportion to sales was lower by 1940 bps to 32.2%. Similarly the OE was down by 360 bps to 11.%. However the sub contractor payment was up by 560 bps to 13.5% and that of construction material cost was higher by whopping 2410 bps to 27.7%. Sharp rise in sub contract and material cost is largely due to change in revenue mix with increased contribution from LTP segment.
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