Sharekhan's research report on Va Tech Wabag
Q1FY2023 revenues lagged estimates, while net profit doubled to Rs 30 crore y-o-y largely driven by forex gains and export benefits. Order book stood at Rs.9,472 crore (excluding framework contracts) providing strong revenue visibility. Domestic and overseas order pipeline remained buoyant. The company is focusing on technological projects, which are backed by multi-lateral funding agencies or central government. This would provide better margins and ensure timely and better cash flows .
Outlook
We maintain a Buy on Va Tech Wabag (Va Tech) with an unchanged PT of Rs. 333, considering attractive valuations and improving earnings outlook.
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