Buy Engineers India, target price Rs 89: Prabhudas Lilladher

Prabhudas Lilladher has buy call on Engineers India with a target price of Rs 89. The current market price of Engineers India is Rs 67.95. Time period given by analyst is one year when Engineers India Ltd. price can reach defined target.

Engineers India Ltd., incorporated in the year 1965, is a Mid Cap company (having a market cap of Rs 3819.08 Crore) operating in Services sector.

Engineers India Ltd. key Products/Revenue Segments include Turnkey Project and Engineering Consultancy for the year ending 31-Mar-2021.



Financials
For the quarter ended 30-06-2022, the company reported a Consolidated Total Income of Rs 842.73 Crore, down -2.10 % from last quarter Total Income of Rs 860.80 Crore and up 9.55 % from last year same quarter Total Income of Rs 769.24 Crore. Company reported net profit after tax of Rs 51.49 Crore in latest quarter.

Investment Rationale
FY23 revenue likely to be ~32bn (~50% expected form turnkey) and net profit to be ~Rs3.5bn. EIL is aggressively pursuing new opportunities for diversification in areas of green hydrogen, coal gasification, clean energy etc.



Promoter/FII Holdings
Promoters held 51.32 per cent stake in the company as of 30-Jun-2022, while FIIs owned 7.11 per cent, DIIs 12.62 per cent.