Engineers India (ENGINERSIN) Q4 09/10 earnings summary

Executive summary

• FY10 standalone turnover rose 30% YoY to Rs 199,380 lakh; PBT increased 27% to Rs 66,048 lakh and PAT rose 26% to Rs 43,558 lakh.

• Core consultancy and LSTK businesses both grew strongly; secured orders totaled Rs 1,521.79 crore, supporting a healthy order book.

Financial highlights

• Standalone total income was Rs 217,747 lakh vs Rs 175,399 lakh in FY09; expenditure was Rs 151,699 lakh vs Rs 123,352 lakh.

• Consolidated revenue was Rs 201,399 lakh, PBT Rs 67,009 lakh and PAT Rs 44,047 lakh; consolidated EPS was Rs 13.07 per Rs 5 share.

• Standalone operating cash flow was Rs 35,552 lakh vs Rs 58,687 lakh; cash and cash equivalents closed at Rs 176,397 lakh vs Rs 189,416 lakh.

Outlook and guidance

• The FY11 MoU with the Ministry of Petroleum & Natural Gas targets higher revenue in Consultancy and LSTK, alongside customer satisfaction, R&D, HRD and CSR priorities.

• Domestic oil marketing companies were expected to continue investment commitments in FY11 and FY12; global project decisions could remain delayed as the economy recovered from recession.

• Diversification priorities include infrastructure, water and waste management, city gas distribution, thermal/solar/nuclear power, gas-based fertilizers, coal-to-liquid and steel.