Buy Techno Electric & Engineering Company, target price Rs 340: JM Financial – Economic Times
has buy call on Techno Electric & Engineering Company with a target price of Rs 340. The current market price of & Engineering Company Ltd. is Rs 285.5. Time period given by analyst is one year when Techno Electric & Engineering Company Ltd. price can reach defined target.
Techno Electric & Engineering Company Ltd., incorporated in the year 2005, is a Mid Cap company (having a market cap of Rs 3150.95 Crore) operating in Engineering sector.
Techno Electric & Engineering Company Ltd. key Products/Revenue Segments include Income from EPC,Contracts,& Others, Power and Other Operating Revenue for the year ending 31-Mar-2021.
For the quarter ended 31-03-2022, the company reported a Consolidated Total Income of Rs 310.64 Crore, down -26.66 % from last quarter Total Income of Rs 423.58 Crore and up 39.22 % from last year same quarter Total Income of Rs 223.14 Crore. Company reported net profit after tax of Rs 37.09 Crore in latest quarter.
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The brokerage builds in higher in order inflows from FGD and smart meters (new business areas), resulting in increase in our EPC revenue assumptions by 5-7%, but lower EPC segment margin assumptions by 150-200bps to 12.5%/12% for FY23/24. It maintains BUY with SOTP based TP of INR340, as it forecasts EPC segment earnings growth CAGR of 10% over FY22-24E. Key risks: Negative surprise in new business margins and cash burn in data centres segment.
Promoters held 60.18 per cent stake in the company as of 31-Mar-2022, while FIIs owned 1.24 per cent, DIIs 27.33 per cent.
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