August 26, 2016 / 15:52 IST
Religare's research report on Engineers India
ENGR’s Q1 results (PAT +50% YoY to Rs 803mn) beat estimates as margins in the lump sum turnkey project (LSTK) segment were buoyed by provision write-backs. Importantly, management raised its FY17 order inflow guidance to Rs 35bn (from Rs 20bn at Q4FY16-end) on account of higher-than-expected orders for BS VI refinery upgrades. We think upside risks to FY18 estimates can stem from higher-than-expected margins as the business has high operating leverage. BUY; Sep’17 TP Rs 275.
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