|
Consolidated net sales
(including other operating income) of Engineers India for the Quarter ended March 2022 has declined 28%
to Rs 817.8 crore. Operating profit margin has declined from 15.1%
to 13.4%, leading to 36% decline in operating profit to Rs 109.51
crore. Employee cost increased from 19.90% to 27.28%.
Other expenses fell from 64.99% to 59.33%. Selling and
administration expenses fell from 26.10% to 16.56%. Construction
development cost fell from 26.10% to 16.56%. Contract job process
charges rose from 34.29% to 35.21%. Other income rose 8% to Rs
42.99 crore. PBIDT fell 28% to Rs 152.5 crore. Provision
for interest fell 91% to Rs 0.2 crore. Provision for
depreciation fell 25% to Rs 5.35 crore. Profit before tax down 27 %
to Rs 146.95 crore. EO was nil compared to an expense of Rs
154.96 crore. Thus PBT after EO was up 217% to Rs 146.95 crore on deflated
base. Provision for tax was expense of Rs 28.29 crore, compared to Rs
14.99 crore. The PAT was up 278% to Rs
118.67 crore. PPT was a write back of Rs 3.63 crore (against nil) and thus the
PAT after PPT was up 289% to rs 122.30 crore. Share of profit/loss was 566 % lower at Rs -43.17 crore. Minority interest was nil in
both the periods. Net profit attributable to owners of the company
increased 217% to Rs 79.13 crore.
Sharp fall in revenue was largely due to lower
revenue reported by both Consultancy and Engineering Projects (CEP) and Lumpsum
turnkey projects (LTP). While the sales of CEP was down 7% to Rs 390.84 crore
(or 48% of sales) that of LTP was down 40% to Rs 426.96 crore (or 52% of
sales).
PBIT declined by 34% to Rs 134.84 crore hit by
sharp fall in both CEP and LTP. The PBIT of CEP was down by 24% to Rs 125.11
crore hit by lower sales as well as 700 bps contraction in segment margin to
32%. Similarly the PBIT of LTP was down
by 76% to Rs 9.73 crore hit by lower sales and 330 bps contraction in segment
margin to 2.3%.
Full year results analysis
Consolidated net sales has declined 7% to Rs 2912.78
crore. Operating profit margin has jumped from 11.1% to 11.8%,
leading to 2% decline in operating profit to Rs 344.12
crore. Employee cost increased from 27.97% to 31.71%.
Other expenses fell from 60.90% to 56.47%. Selling and
administration expenses fell from 16.49% to 12.80%. Construction
development cost fell from 16.49% to 12.80%. Contract job process
charges fell from 36.36% to 34.47%.
Other income fell 31% to Rs 129.94
crore. PBIDT fell 12% to Rs 474.05 crore. Provision for
interest fell 74% to Rs 0.96 crore. PBDT fell 12% to Rs 473.1
crore. Provision for depreciation fell 0.08% to Rs 23.63
crore. Profit before tax down 12% to Rs 449.46 crore.
EO was nil compared to an expense of Rs
154.96 crore. Thus PBT after EO was up 26% to Rs 449.46 crore on deflated base.
Provision for tax was expense of Rs 110.17 crore, compared to
Rs 94.84 crore. Thus PAT before PPT was up 30% to Rs 339.29 crore.
PPT was an income of Rs 3.60 crore against an expense of Rs 0.02 crore. Thus
net profit was up 31% to Rs 342.89 crore. Effective tax rate was 43.31%
compared to 27.60%. Share of profit/loss was 1,520.48% lower at Rs -203.37
crore. Minority interest was nil in both the periods. Net profit
attributable to owners of the company decreased 44% to Rs 139.52
crore.
Fall in revenue was largely due to lower revenue
reported by Lumpsum turnkey projects (LTP). While the sales of CEP was up 5% to
Rs 1499.88 crore (or 51% of sales) that of LTP was down 18% to Rs 1412.90 crore
(or 49% of sales).
PBIT was up by modest 1% to Rs 455.68 crore hit by
sharp fall in profit of LTP. The PBIT of CEP was up by 7% to Rs 420.02 crore
hit by higher sales as well as 30 bps expansion in segment margin to 28%. Similarly the PBIT of LTP was down by 36% to
Rs 35.66 crore hit by lower sales and 70 bps contraction in segment margin to
2.5%.
Order book
Order book of the company as end of
March 31, 2022 was Rs 7654.9 crore (against Rs 7981.9 crore as end of FY21) of
which consultancy orders were 64% and LTP orders were 36%. Order inflow in 2021-22 was Rs 1687.1 crore
(all consultancy order and nil LTP orders) against Rs 1569.2 crore in 2020-21.
Other developments
Loan funds declined from Rs 4.02 crore
as of 31 March 2021 to Rs 3.72 crore as of 31 March
2022. Inventories rose to Rs 2.32 crore as of 31 March 2022 from Rs
1.92 crore as of 31 March 2021. Sundry debtors were lower at Rs
385.98 crore as of 31 March 2022 compared to Rs 532.50 crore as of 31 March 2021. Cash
and bank balance rose to Rs 1,382.81 crore as of 31 March 2022 from Rs 1,321.61
crore as of 31 March 2021. Investments declined from Rs 1,324.04
crore as of 31 March 2021 to Rs 1,087.68 crore as of 31 March 2022. Fixed
assets increased to Rs 266.98 crore as of 31 March 2022 from Rs 261.81 crore as
of 31 March 2021. Intangible assets declined from Rs 2.61 crore to
Rs 2.24 crore.
The Board of Directors have recommended a
f1nal dividend of\ 1.00 per share (Face value t 5.00 per share) in addition to
interim dividend on" 2.00 per share (Face Value t 5.00 per Share) paid
during the year. The final dividend is subject to approval of shareholders in
the Annual General Meeting.
Equity capital stood at Rs 281.02 crore
as of 31 March 2022 to Rs 281.02 crore as of 31 March 2021. Per
share face Value remained same at Rs 5.00.
Promoters’ stake was 51.32% as of 31
March 2022, compared to 51.32% as of 31 March 2021.
|
Engineers
India: Consolidated Results
|
|
|
|
|
|
|
|
|
2203
(3)
|
2103
(3)
|
Var.(%)
|
2203
(12)
|
2103 (12)
|
Var.
(%)
|
|
Sales
|
817.80
|
1131.90
|
-28
|
2912.78
|
3144.17
|
-7
|
|
OPM (%)
|
13.4
|
15.1
|
|
11.8
|
11.1
|
|
|
OP
|
109.51
|
171.02
|
-36
|
344.11
|
349.85
|
-2
|
|
Other
income
|
42.99
|
39.85
|
8
|
129.94
|
188.78
|
-31
|
|
PBIDT
|
152.50
|
210.87
|
-28
|
474.05
|
538.63
|
-12
|
|
Interest
|
0.20
|
2.38
|
-91
|
0.96
|
3.69
|
-74
|
|
PBDT
|
152.30
|
208.49
|
-27
|
473.09
|
534.94
|
-12
|
|
Depreciation
|
5.35
|
7.13
|
-25
|
23.63
|
23.65
|
0
|
|
PBT
|
146.95
|
201.36
|
-27
|
449.46
|
511.29
|
-12
|
|
EO Exp
|
0.00
|
154.96
|
-100
|
0.00
|
154.96
|
-100
|
|
PBT
after EO
|
146.95
|
46.40
|
217
|
449.46
|
356.32
|
26
|
|
Tax
|
28.29
|
14.99
|
89
|
110.17
|
94.84
|
16
|
|
PAT
|
118.67
|
31.41
|
278
|
339.29
|
261.48
|
30
|
|
PPT
|
-3.63
|
0.00
|
|
-3.60
|
0.02
|
LP
|
|
Net
profit
|
122.30
|
31.41
|
289
|
342.89
|
261.46
|
31
|
|
Share
of profit/(Loss) in JV
|
-43.17
|
-6.48
|
566
|
-203.37
|
-12.55
|
1521
|
|
Net
profit after JV profit/loss
|
79.13
|
24.93
|
217
|
139.52
|
248.91
|
-44
|
|
EPS
(Rs)*
|
#
|
#
|
|
2.4
|
6.5
|
|
|
* on
current equity of Rs 281.0213 crore. Face Value: Rs 5
|
|
|
|
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EPS is
calculated after excluding EO and relevant tax
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# EPS
can not be annualised due to seasonality in operations
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Figures
in Rs crore
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|
|
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|
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Source:
Capitaline Corporate database
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Engineers
India: Consolidated segment results
|
|
|
|
|
|
Sales
|
% to
total
|
2203
(3)
|
2103
(3)
|
Var.(%)
|
% to
total
|
2203
(12)
|
2103
(12)
|
Var.(%)
|
|
Consultancy
and Engineering Projects
|
48
|
390.84
|
419.88
|
-7
|
51
|
1499.88
|
1422.80
|
5
|
|
Lumpsum
Turnkey Projects
|
52
|
426.96
|
712.03
|
-40
|
49
|
1412.90
|
1721.37
|
-18
|
|
Total
|
100
|
817.80
|
1131.90
|
-28
|
100
|
2912.78
|
3144.17
|
-7
|
|
|
|
|
|
|
|
|
|
|
PBIT
|
|
|
|
|
|
|
|
|
|
Consultancy
and Engineering Projects
|
93
|
125.11
|
163.87
|
-24
|
92
|
420.02
|
393.91
|
7
|
|
Lumpsum
Turnkey Projects
|
7
|
9.73
|
40.05
|
-76
|
8
|
35.66
|
55.81
|
-36
|
|
Total
|
100
|
134.84
|
203.91
|
-34
|
100
|
455.68
|
449.71
|
1
|
|
Prior
Period Adjustment
|
|
|
|
|
|
|
|
|
Interest
|
|
0.20
|
2.38
|
-91
|
|
0.96
|
3.69
|
-74
|
|
Less:
un-allcoable expenditure
|
30.68
|
194.99
|
-84
|
|
135.19
|
278.48
|
-51
|
|
Add:
Other Income
|
|
42.99
|
39.85
|
8
|
|
129.94
|
188.78
|
-31
|
|
Total
profit before tax
|
146.95
|
46.40
|
217
|
|
449.46
|
356.32
|
26
|
|
Figures
in Rs crore
|
|
|
|
|
|
|
|
|
|
Source:
Capitaline Corporate database
|
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