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ICICI Direct Report
Techno Electric and Engineering Ltd. reported a weak set of Q4 FY23 numbers.
Consolidated revenues came in at Rs 313 crore, grew by 2.5% YoY. Techno Electric's Ebitda came in at Rs 3.1 crore, de-grew by 91.6% YoY with margins at 1%, contracting 1115 basis points YoY. Consequently, profit after tax de-grew by 97.5% YoY to Rs 1.1 crore.
Key triggers for future price performance:
Entry into data centre, smart meters and flue gas desulphurisation market and become significant engineering, procurement and construction player over the next three to four years.
Improved revenue visibility, healthy balance sheet and cash balance of Rs 1500 crore.
We expect revenue, Ebitda to grow at a compound annual growth rate of ~50.1%, 54.6%, respectively, in FY23-25E.
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