Techno Electric Q3FY17 Concall Summary

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Financial Highlights

Technoelectric Q3FY17 Financials
  • Consolidated Revenue grew by 13% to 356 crores against 317 crores during previous quarter
  • Operating profit stood at Rs 49.8 crores as against 37.6 crores with an increase of 32%
  • Operating profit margin stood at 15.28% as against 12% last quarter.
  • Operating profit for wind segment stood at 25.3 crores as against 2.73 crores last year
  • Standalone PAT stood at 31.23 crores against 24.1 crores with increase of 29.3%
  • Consolidated revenue for 9 months is at Rs 995 crores against 770 crores during previous year with growth of 29%
  • Operating profit for EPC segment for 9 months is at Rs 131 crores against 97 crores with jump of 34%
  • Operating profit margin for 9 months is at 15.3% as against 14% showing a jump of 1.25%
  • Operating profit for the wind segment for 9 months is at 127 crores against 74 crores with increase of 73%
  • Standalone PAT for 9 months stood at 91 crores against 68 crores last year
  • Consolidated PAT for 9 months stood at 159 crores against 111 crores last year with growth of 42%
  • Absolute Consolidated EPS for the year stood at 3.58 against 2.59
  • For nine months EPS was 13.95 against 9.79
  • Outstanding debt of Rs 300 crores
  • Repaid 40 crores NCD, also short term debt of 80 crores
  • Cash will be of around 300 crores

EPC Business

  • Growth of 23% in EPC topline on 9 month basis with an EBITDA of 15.3%
  • For the quarter EPC grew by 4% from 313 crores to 326 crores

Update on Orders

  • Received orders from RRVPNL for 400 KV substations, & 765 KV AIS extension packages for jharsuguda, & other stations from PGCIL
  • Value of the orders are during the quarter is close to Rs 250 crores
  • Participated in a BOOT, BOOM project along with kalpataru for transmission project in North east which comprise a 400KV, 1000 MVA substation at New kohima under TVCB mechanism
  • PPP project in conjunction with Kalpatru is about 1150 to 1200 crores in which our share will be 250-300 crores. Ownership will be 26%. Execution of project is 3.5 years. Equity needed for the project will be 300 crores & techno grid share will be 80 crores
  • Order booked in December was worth 853.76 crores
  • PPP projects will be to the tune of 25000 crores in next 12 months
  • Another PPP project to the tune of 7000 crores

Business Update

  • Improvement of grid availability in the state of Tamil Nadu & the overall wind flow was extremely positive
  • Exiting 33 megawatt of wind power assets situated in the state of Tamil Nadu at an effective valuation of 165.19 crores
  • Subsidiary Simran has a MAT credit of 30 crores. A reverse merger with the same will help in saving tax
  • Tariff revision & arrears of payment to the tune of 30 crores still not received from Tamilnadu. There will grow to 40 crores this year

Share Buyback 

  • Buyback of Shares of value of 15 lakh equity shares at a price of Rs 400 per share. Premium of around 7%-10% over market value. Promoters are not participating in the buyback
  • Buyback of 60 crores

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