Nuvama

Logic would dictate that weakening government finances (over the past year, especially post covid-19) would derail the ongoing metro rail boom in the country (refer to, Metro Rail - Buckle up for a Metrolution). Yet,

Sector Update

Construction

May 20, 2020

INFRA SCAPE - Expert call: Roads, Railways in focus; sector update

We had organised an investors’ call with Mr. Parvesh Minocha, Group MD (Transportation, Construction and Logistics), Feedback Infra. His key perspectives are: a) Roads, railways, irrigation & power distribution segments

Sector Update

Construction

April 13, 2020

Construction - COVID-19 deals a knockout punch; sector update

The construction sector, already grappling with lower capex amidst rising fiscal stress, has been dealt a body blow by the COVID-19 crisis. Going ahead, we expect: a) Fall in order intake amidst slower economic growth;

Result Update

Simplex Infrastructures Ltd

Simplex Infrastructures - Q3FY20 Result Update; No end to liquidity woes

Simplex Infrastructures (SINF IN, INR 57, Buy) Simplex Infrastructures’ (SINF) weak performance continued with Q3FY20 revenue declining 39% YoY due to ongoing liquidity issues. Operating de-leverage led to EBITDA

Sector Update

Construction

February 01, 2020

Infra Scape - Union Budget 2020 – Metro rail in focus

The Union Budget 2020–21 delivered flat/marginal growth in outlays across various infra segments. The cumulative outlay for railways and highways is about INR3.1tn, just 1% higher than the FY20 revised estimate

Sector Update

Construction

January 02, 2020

'Infra Scape' - National Infra Pipeline: Aggressive intent, but funding key; sector update

The government ended 2019 with a bang by rolling out the National Infrastructure Pipeline (NIP). With a vision to spend INR100tn on infra over FY20-25 (~2x FY14-19 investments), NIP sets the ball rolling to achieve the

Result Update

Simplex Infrastructures Ltd

Simplex Infrastructures - Result Update Q2FY20 - Persistently weak performance

Simplex Infrastructures (SINF IN, INR 50, Buy) Simplex Infrastructures (SINF) posted another set of disappointing results: Q2FY20 revenue slid 22% YoY to INR11.6bn while PAT plunged 69% YoY. The prevailing

Result Update

Techno Electric & Engineering Company Ltd

Techno Electric & Engineering (TEEC) reported recovery in revenue (up 18% QoQ) and order intake (YTD-INR7bn) in Q3FY19. An important development was that Green Energy corridor orders worth INR120bn have been advanced

Result Update

Simplex Infrastructures Ltd

Another disappointing quarter

Simplex Infrastructures (SINF) posted yet another weak quarter with Q1FY20 revenue falling off 16% YoY to INR13.3bn. The pace of both execution and realisation of receivables was impacted by the general elections.

Result Update

Simplex Infrastructures Ltd

Tepid quarter; balance sheet improvement key

Simplex Infrastructures (SINF) delivered only a 3% YoY rise in top line in Q3FY19 due to execution setbacks on projects in Northeast and West Bengal. PAT, however, shot up 17% YoY to INR362mn. Management has trimmed

Visit Note

Techno Electric & Engineering Company Ltd

We recently met Mr. P P Gupta, CMD, Techno Electric (TEEC). Key takeaways from our interaction: a) In line with its strategy of being an early entrant & creating a niche, TEEC is venturing in data centre, short HVDC,

Result Update

Techno Electric & Engineering Company Ltd

Geographical diversification improves visibility

Techno Electric & Engineering’s (TEEC) Q3FY18 revenues were 26% below our estimate impacted by GST implementation. Key highlights: 1) the company is planning entry in East Africa market & targeting USD100mn revenue in

Result Update

Simplex Infrastructures Ltd

Gearing burdens strong growth potential

Simplex Infrastructure (SINF) posted strong 19% YoY growth in Q2FY19 revenue to INR14.8bn on the back of execution ramp-up. EBITDA margin, at 11.9%, is in line with management’s 12% guidance. However,

Result Update

Techno Electric & Engineering Company Ltd

Pinning hopes on order intake

Techno Electric & Engineering (TEEC) posted tepid Q1FY19—EPC revenue down 25% YoY—impacted by high base. Order intake remains weak and management’s 20% guidance in FY19 hinges on successful closure of the USD85mn Kenya

Result Update

Techno Electric & Engineering Company Ltd

Weak quarter; pinning hopes on order intake

Techno Electric & Engineering (TEEC) reported weak Q4FY18 performance with PAT (up 25%) coming below estimates. Key highlights: 1) revenue declined 10% as few orders could not get billed; this, along with lower order

Result Update

Simplex Infrastructures Ltd

Shifting to higher gear

Simplex Infrastructure’s (SINF) Q3FY18 revenue fell 2% YoY due to GST impact and client-related issues. However, better cost control led to PAT surging 69% YoY. Improving business prospects (reflected in healthy

Result Update

Simplex Infrastructures Ltd

Order inflows improve

Simplex Infrastructure’s (SINF) Q2FY18 revenues were impacted by GST related uncertainty and working capital constraints; top line declined 1% YoY. EBITDA margin improved by ~95bps YoY; lower tax rate (due to

Result Update

Techno Electric & Engineering Company Ltd

GST rigours seen; outlook stable

Techno Electric & Engineering’s (TEEC) revenue/EBITDA/PAT declined 31/31/15% YoY post the robust 50% growth in revenue in Q1FY18. Key highlights: a) Revenue plummeted 31% on accelerated billing in Q1FY18 on

Result Update

Simplex Infrastructures Ltd

Strong order book visibility

Simplex Infrastructure’s (SINF) Q1FY18 revenue grew 7.4% YoY post 4 consecutive quarters of decline. While EBITDA margin fell 25bps YoY, higher other income and lower tax rate (due to Sec 80 (IA) benefits) led to PAT

Result Update

Techno Electric & Engineering Company Ltd

Stellar quarter; poised for robust growth

Techno Electric & Engineering (TEEC) delivered exceptionally good Q1FY18 earnings with 50% top line surge as customers pushed for early execution in T&D EPC projects in order to avail tax benefits before GST. We

SELECT COMPANY

SELECT SECTOR

Construction

Filter

SELECT COMPANY

SELECT SECTOR

Construction

Filter

SELECT COMPANY

SELECT Sector