Results     29-May-24
Analysis
Engineers India
Net down 39% on inflated base
 

Consolidated net sales (including other operating income) of Engineers India has declined 8.52% to Rs 805.14 crore.  Operating profit margin has declined from 10% to 9.6%, leading to 12% decline in operating profit to Rs 77.46 crore.  Other income rose 13.85% to Rs 51.14 crore.   Provision for interest rose 90% to Rs 0.81 crore.     Provision for depreciation rose 51.20% to Rs 10.72 crore.   Profit before tax down 7% to Rs 117.07 crore.   EO was nil compared to an income of Rs 78.78 crore (towards write off  in pursuant to settlement with a client in C&E project segment).  Thus PBT on inflated base was down 43% to Rs 117.07 crore.   Provision for tax was expense of Rs 28.80 crore, compared to Rs 47.4 crore.  Thus PAT was down 44% to Rs 88.28 crore. PPT was a write back of RS 1.33 crore against nil, thus the PAT after PPT was down 43% to Rs 89.61 crore. Share of profit/loss was 22.14% lower at Rs 25.92 crore. Minority interest was nil in both the periods.  Net profit attributable to owners of the company decreased 39% to Rs 115.52 crore.  

EBIT of C& E project segment was down 49% (to Rs 96.62 crore on a sales of RS 403.32 crore, a growth of 5%.  The EBIT margin of C&E project segment was down to 24% from 49.3%. 

EBIT of LTK segment was down 1% (to Rs 20.03 crore) on a sales of Rs 401.82 crore (down 19%) as the segment margin expand by 90 bps to 5%. 

 

Full year results analysis.

Net sales (including other operating income) of Engineers India has declined 1% to Rs 3280.86 crore.  Operating profit margin expanded from 6.9% to 9.1%. Thus the OP was up 29% to Rs 297.07 crore.     

Other income was flat at Rs 163.55 crore.  Provision for interest rose 103.33% to Rs 3.05 crore.    Provision for depreciation rose 36.19% to Rs 35 crore.  PBT was up 15% to Rs 422.57 crore. EO for the period was an income of Rs 55.61 crore ( interest income  due to settlement with one of the clients in consultancy and engineering project segment) compared to an income of RS 78.78 crore ((towards write off  in pursuant to settlement with a client in C&E project segment).

Profit before tax (after EO) grew 7.33% to Rs 478.18 crore.   Provision for tax was expense of Rs 118.02 crore, compared to Rs 101.28 crore.  Effective tax rate was 20.95% compared to 22.63%. Net profit (before MI) was up 5% to Rs 360.16 crore.  Share of profit/loss was 4,092.12% higher at Rs 85.1 crore. Minority interest was nil in both the periods.  Net profit attributable to owners of the company increased 28.59% to Rs 445.26 crore.  

Equity capital stood at Rs 281.02 crore as of 31 March 2024 to Rs 281.02 crore as of 31 March 2023.  Per share face Value remained same at Rs 5.00.  

Loan funds rose to Rs 33.02 crore as of 31 March 2024 from Rs 18.88 crore as of 31 March 2023.  Inventories declined from Rs 1.15 crore as of 31 March 2023 to Rs 0.62 crore as of 31 March 2024.  Sundry debtors were lower at Rs 335.63 crore as of 31 March 2024 compared to Rs 367.65 crore as of 31 March 2023.  Cash and bank balance rose to Rs 1,218.74 crore as of 31 March 2024 from Rs 1,096.35 crore as of 31 March 2023.  Investments rose to Rs 1,388.55 crore as of 31 March 2024 from Rs 1,178.58 crore as of 31 March 2023 .  Fixed assets increased to Rs 328.63 crore as of 31 March 2024 from Rs 302.50 crore as of 31 March 2023.  Intangible assets increased from Rs 2.30 crore to Rs 4.88 crore.  

Promoters’ stake was 51.32% as of 31 March 2024 ,compared to 51.32% as of 31 March 2023 .  


Engineers India: Consolidated Results 
  2403 (3) 2303 (3) Var.(%) 2403 (12) 2303 (12) Var. (%)
Sales 805.14 880.10 -9 3280.86 3330.14 -1
OPM (%) 9.6 10.0   9.1 6.9  
OP 77.46 88.10 -12 297.07 229.58 29
Other income 51.14 44.92 14 163.55 164.36 0
PBIDT 128.60 133.02 -3 460.62 393.94 17
Interest 0.81 0.43 90 3.05 1.50 103
PBDT 127.79 132.60 -4 457.57 392.44 17
Depreciation 10.72 7.09 51 35.00 25.70 36
PBT 117.07 125.50 -7 422.57 366.74 15
EO  Exp 0.00 -78.78 -100 -55.61 -78.78 -29
PBT after EO 117.07 204.28 -43 478.18 445.51 7
Tax 28.80 47.40 -39 119.35 101.16 18
PAT 88.28 156.88 -44 358.83 344.35 4
PPT  -1.33 0.00   -1.33 0.12 LP
Net profit 89.61 156.88 -43 360.16 344.23 5
Share of profit/(Loss) in JV 25.92 33.29 -22 85.10 2.03 4088
Net profit after JV profit/loss 115.52 190.18 -39 445.26 346.27 29
EPS (Rs)* # #   7.2 5.1  
* on current equity of Rs 281.0213 crore. Face Value: Rs 5
EPS is calculated after excluding EO and relevant tax
# EPS can not be annualised due to seasonality in operations
Figures in Rs crore
Source: Capitaline Corporate database 
Engineers India: Consolidated segment results 
Sales % to total 2403 (3) 2303 (3) Var.(%) % to total 2403 (12) 2303 (12) Var.(%)
Consultancy and Engineering Projects 50 403.32 385.43 5 46 1502.98 1464.30 3
Lumpsum Turnkey Projects 50 401.82 494.67 -19 54 1777.88 1865.84 -5
Total 100 805.14 880.10 -9 100 3280.86 3330.14 -1
PBIT
Consultancy and Engineering Projects 83 96.62 190.04 -49 77 341.93 394.41 -13
Lumpsum Turnkey Projects 17 20.03 20.23 -1 23 102.42 52.11 97
Total 100 116.65 210.27 -45 100 444.35 446.52 0
Prior Period Adjustment
Interest 0.81 0.43 90 3.05 1.50 103
Less: un-allcoable expenditure 49.91 50.49 -1 182.29 163.92 11
Add: Other Income 51.14 44.92 14 219.16 164.42 33
Total profit before tax 117.07 204.28 -43 478.18 445.51 7
Figures in Rs crore
Source: Capitaline Corporate database 


Previous News
  Engineers India
 ( Results - Analysis 29-May-24   10:26 )
  Engineers India signs MoU with Detect Technologies
 ( Corporate News - 13-Apr-24   13:05 )
  Engineers India appoints Director (Commercial)
 ( Corporate News - 16-Aug-22   19:39 )
  Engineers India rises on bagging order worth Rs 249 cr
 ( Hot Pursuit - 12-Sep-22   10:47 )
  Engineers India secures work order worth Rs 249 cr
 ( Corporate News - 12-Sep-22   10:38 )
  Engineers India consolidated net profit declines 30.95% in the September 2019 quarter
 ( Results - Announcements 09-Nov-19   10:16 )
  Aurionpro Solutions to provide DC consultancy services to Engineers India
 ( Corporate News - 10-Oct-22   15:49 )
  Engineers India announces change in directorate
 ( Corporate News - 29-Jun-21   17:52 )
  Engineers India fixes record date for final dividend
 ( Market Beat - Reports 26-Aug-20   17:59 )
  Engineers India consolidated net profit rises 341.08% in the September 2022 quarter
 ( Results - Announcements 10-Nov-22   07:59 )
  Engineers India Q1 PAT drops 60% to Rs 49 cr
 ( Hot Pursuit - 14-Aug-20   11:29 )
Other Stories
  Apollo Hospitals Enterprise
  04-Jun-24   10:04
  ITL Industries
  01-Jun-24   02:14
  International Combustion (India)
  31-May-24   11:32
  Fluidomat
  31-May-24   11:28
  ISGEC Heavy Engineering
  31-May-24   11:24
  Sreeleathers
  31-May-24   11:20
  Cummins India
  31-May-24   11:18
  Bata India
  31-May-24   09:55
  Tata Steel
  31-May-24   08:36
  India Nippon Electricals
  31-May-24   07:03
Back Top