Anup Engineering - Q4FY21 First Cut - ICICI Direct

(CMP: Rs. 696; MCap: Rs. 712 crore)

Anup Engineering registered highest ever turnover for a single quarter aided by strong execution coupled with some spill over revenue from the previous quarter. Margin trajectory also remained buoyant during the quarter.

Q4FY21 Earnings Summary

- Revenue for the quarter came in at Rs. 132.8 crore, up 89% YoY. The numbers are not comparable, both on YoY and QoQ basis as Q4FY20 was affected by lockdown whereas Q3FY21 was marred by the night curfew in Ahmedabad affecting deliveries

- EBIDTA margins grew 409 bps YoY to 26.7% led by positive operating leverage. Absolute EBIDTA came in at Rs. 35.5 crore, up 123% YoY

- Other expenses grew 66.9% YoY to Rs. 14.1 crore whereas employee cost increased 8.9% YoY to Rs. 4.3 crore

- Ensuing PAT came in at Rs. 27.6 crore, up 226% YoY. Tax rate for the quarter was at 17%

- Anup generated CFO to the tune of Rs. 52.98 crore during FY21 led by better receivable management. Balance sheet remains healthy with a cash balance of Rs. 23.6 crore

- Order book stood at Rs. 256.1 crore. The company has booked Rs. 46 crore worth of orders since April 1 till date

We will come out with a detail report post the conference call.

Source : Equity Bulls

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