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Q2FY22 Result Preview - Capital Goods - ICICI Direct

Posted On: 2021-10-11 23:26:30 (Time Zone: IST)


Q2FY22E is likely to be a decent quarter for the capital goods universe in terms of execution as most companies likely to recover to pre-Covid levels while order inflows are yet to see any major momentum owing to a delay in finalisation and order deferrals. Product companies are likely to post a decent quarter YoY on a low base, aided by normalisation of supply chain and dispatches. Larsen & Toubro (L&T) announced EPC orders in the range of ~| 5000-12500 crore (as on date, ex-services segment) across water treatment, heavy engineering, hydrocarbon, buildings & factories segments indicating muted order inflows for the quarter amid a challenging environment. In the T&D space, KEC has announced decent order inflows of | 2660 crore aided by orders from T&D (domestic, international markets), railways, civil, etc, while Kalpataru Power (KPTL) has not yet announced any order as on date for the quarter. Thermax has announced order inflows worth ~| 293 crore as on date for the quarter while a further pick-up in industrial capex is expected to improve its revenue visibility. Bharat Electronics (BEL) has received ~| 2700 crore worth orders for the quarter.

Overall, order inflows are expected to remain muted, with delays in project finalisations and project deferrals across key segments. However, the order pipeline remains robust across T&D, green energy corridor, railways, transportation, water and infrastructure, etc, and are expected to be lumpy in H2FY22E. Key risks remain project delays/deferrals, lesser conversion of the tendering pipeline.

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