ENGINERSIN · Construction
Engineers India Ltd. reported revenue of ₹689 cr for July to September 2024, −12.8% on the year and +10.4% on the quarter.
Operating profit (EBITDA) was ₹62.0 cr, a margin of 9.0%, −353 bps on the year and +83 bps on the quarter. Over the last 6 quarters the margin has ranged from 5.8% to 12.5%, averaging 9.0%. Operating costs grew −9.3%, faster than revenue at −12.8%, so operating profit grew less than sales.
Net profit was ₹100 cr, −21.3% on the year and +8.7% on the quarter, with earnings per share of ₹1.77. Profit before other income, one-offs and tax fell 42.2%, so 21 points of the headline growth came from outside the core business. The tax rate of 22% is in line with its recent average.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹6.59 over the last four quarters, the stock at ₹299.35 trades at 45.4 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Finance cost rising, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹790 cr | ₹868 cr | ₹805 cr | ₹624 cr | ₹689 cr | ₹765 cr | ₹1,010 cr | ₹870 cr | ₹921 cr | ₹1,210 cr | ₹926 cr | ₹820 cr |
| YoY | — | — | — | −24% | −13% | −12% | +25% | +39% | +34% | +58% | −8% | −6% |
| EBITDA margin | 12.5% | 5.8% | 9.6% | 8.2% | 9.0% | 12.8% | 29.8% | 8.3% | 13.0% | 29.1% | 16.4% | 15.4% |
| Other income, % of PBT | 33% | 42% | 44% | 49% | 47% | 30% | 20% | 37% | 25% | 23% | 42% | 41% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 24% | 26% | 23% | 26% | 22% | 25% | 23% | 25% | 25% | 21% | 19% | 20% |
| Net profit | ₹127 cr | ₹63.0 cr | ₹116 cr | ₹92.0 cr | ₹100 cr | ₹109 cr | ₹280 cr | ₹65.0 cr | ₹83.0 cr | ₹347 cr | ₹196 cr | ₹158 cr |
| YoY | — | — | — | −34% | −21% | +73% | +141% | −29% | −17% | +218% | −30% | +143% |
| Core profit YoY | — | — | — | −35% | −42% | +115% | +339% | +52% | +110% | +288% | −51% | +90% |
| EPS | ₹2.27 | ₹1.13 | ₹2.06 | ₹1.63 | ₹1.77 | ₹1.93 | ₹4.98 | ₹1.16 | ₹1.49 | ₹6.18 | ₹3.48 | ₹2.81 |
| Flags | 1 | 1 | 1 | ✓ | 2 | ✓ | ✓ | ✓ | ✓ | ✓ | 2 | 1 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Engineers India Ltd. reported revenue of ₹689 cr (−12.8% on the year) and net profit of ₹100 cr (−21.3% on the year) for July to September 2024.
Profit before other income, exceptional items and tax moved −42.2% on the year, against −21.3% for reported profit.
2 checks raised a question: Other income is carrying a large and rising share of profit. Treasury gains, interest, or one-off?
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Numbers as filed with the exchanges, read by rules. Every flag is a question with its source, not an accusation. FinMinutes is a financial data and analytics platform; nothing here is a recommendation to buy, sell or hold any security. How each check works.