Techno Electric & Engineering Company Ltd

Techno Electric & Engineering Company Ltd

₹ 961 1.53%
24 Apr 10:41 a.m.
About

Techno Electric & Engineering Company Ltd (TEECL) is engaged in providing Engineering, Procurement and Construction (EPC), asset ownership and operations and maintenance services in the power infrastructure industry. [1]

Key Points

Business Segments
Engineering, Procurement and Construction (EPC) Services: The Co provides Flue Gas Desulfurization (FGD) turnkey solutions to captive power plants for power generation. For transmission activities, it constructs air insulated and gas insulated substations. [1]
Transmission Asset Ownership: The Co. expanded into Public Private Partnership (PPP) projects based on the Build Own Operate and Transfer (BOOT) and Build Own Operate and Maintain (BOOM) operating models. It is the first company in India to enter into a PPP agreement with the Haryana government to lay down a transmission network.
Green Power: The Co. is an independent renewable energy producer with ~129.9 MW wind energy capacity in Tamil Nadu and Karnataka. [2] It intends to divest this portfolio to improve strength for bidding in more PPP projects in the transmission sector, improve ROCE and focus on the core EPC vertical. Alternatively, TEECL may use the asset for powering the Data Centre at Chennai. [3]

  • Market Cap 10,339 Cr.
  • Current Price 961
  • High / Low 992 / 340
  • Stock P/E 43.2
  • Book Value 189
  • Dividend Yield 0.63 %
  • ROCE 9.80 %
  • ROE 11.5 %
  • Face Value 2.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has been maintaining a healthy dividend payout of 31.0%

Cons

  • Stock is trading at 5.00 times its book value
  • The company has delivered a poor sales growth of -5.50% over past five years.
  • Company has a low return on equity of 13.2% over last 3 years.
  • Earnings include an other income of Rs.176 Cr.
  • Company has high debtors of 242 days.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.

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Quarterly Results

Standalone Figures in Rs. Crores / View Consolidated

Dec 2020 Mar 2021 Jun 2021 Sep 2021 Dec 2021 Mar 2022 Jun 2022 Sep 2022 Dec 2022 Mar 2023 Jun 2023 Sep 2023 Dec 2023
248 215 189 274 298 305 145 186 185 450 346 486 366
170 196 134 188 257 268 123 153 162 411 299 411 321
Operating Profit 78 19 55 85 40 37 23 32 23 39 47 76 45
OPM % 31% 9% 29% 31% 14% 12% 16% 17% 13% 9% 14% 16% 12%
11 9 17 10 112 -0 29 42 20 78 28 28 42
Interest 3 2 2 1 2 2 1 1 2 6 4 4 4
Depreciation 10 10 10 10 2 2 2 2 2 2 2 2 2
Profit before tax 76 15 60 84 149 34 48 71 40 108 70 98 81
Tax % 25% 14% 24% 25% 24% -11% 25% 17% 21% 15% 26% 27% 4%
57 13 46 63 114 37 36 59 31 92 51 71 78
EPS in Rs 5.15 1.18 4.15 5.77 10.36 3.39 3.27 5.35 2.89 8.54 4.77 6.64 7.21
Raw PDF

Profit & Loss

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
102 64 120 1,283 986 871 884 999 967 1,648
3 57 10 987 736 654 666 840 848 1,441
Operating Profit 99 7 110 295 250 217 218 159 119 207
OPM % 97% 11% 92% 23% 25% 25% 25% 16% 12% 13%
10 115 19 37 59 45 84 175 165 176
Interest 26 23 21 25 13 7 9 7 11 18
Depreciation 47 36 37 42 42 42 41 7 7 7
Profit before tax 35 63 70 265 254 214 251 320 265 357
Tax % 0% 43% 20% 24% 29% 17% 20% 19% 18%
35 36 56 200 182 177 200 260 218 292
EPS in Rs 0.42 0.43 0.63 2.25 16.12 16.06 18.22 23.67 20.29 27.16
Dividend Payout % 64% 0% 0% 0% 0% 0% 55% 8% 30%
Compounded Sales Growth
10 Years: %
5 Years: -6%
3 Years: 4%
TTM: 101%
Compounded Profit Growth
10 Years: %
5 Years: 2%
3 Years: 7%
TTM: 79%
Stock Price CAGR
10 Years: %
5 Years: 32%
3 Years: 48%
1 Year: 176%
Return on Equity
10 Years: %
5 Years: 13%
3 Years: 13%
Last Year: 12%

Balance Sheet

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 166 166 178 23 23 22 22 22 22 22
Reserves 414 408 484 1,200 1,382 1,450 1,589 1,811 1,936 2,017
389 341 273 67 44 0 40 0 0 0
34 48 32 621 547 583 547 680 839 925
Total Liabilities 1,004 963 967 1,911 1,996 2,055 2,197 2,513 2,797 2,963
812 616 616 585 545 506 465 426 49 47
CWIP 0 0 0 0 0 0 0 0 0 0
Investments 77 79 210 442 561 668 710 1,052 1,339 1,276
115 268 141 885 890 881 1,022 1,035 1,409 1,640
Total Assets 1,004 963 967 1,911 1,996 2,055 2,197 2,513 2,797 2,963

Cash Flows

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
56 -56 160 212 199 112 126 260 33
56 232 -158 142 -173 38 -55 -197 73
-113 -118 -55 -326 -16 -161 -34 -90 -103
Net Cash Flow -1 58 -54 28 10 -11 37 -28 3

Ratios

Standalone Figures in Rs. Crores / View Consolidated

Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 126 233 230 216 202 240 219 213 242
Inventory Days 13 43
Days Payable 205 274
Cash Conversion Cycle 126 233 230 216 202 240 219 22 11
Working Capital Days -330 -752 161 89 159 159 206 188 245
ROCE % 3% 10% 26% 20% 15% 17% 18% 10%

Shareholding Pattern

Numbers in percentages

Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023Mar 2024
60.18% 60.18% 60.18% 60.18% 60.18% 60.21% 61.16% 61.52% 61.52% 61.52% 61.52% 61.52%
1.02% 1.25% 1.19% 1.24% 1.44% 1.62% 1.69% 2.10% 2.18% 2.29% 3.21% 3.85%
32.13% 30.86% 29.79% 27.33% 27.32% 26.81% 25.95% 25.03% 24.21% 24.58% 23.98% 23.76%
6.66% 7.71% 8.84% 11.25% 11.05% 11.37% 11.20% 11.35% 12.08% 11.63% 11.27% 10.86%
No. of Shareholders 10,19520,30123,02623,72421,06523,04920,58019,77930,39036,50843,31353,296

* The classifications might have changed from Sep'2022 onwards. The new XBRL format added more details from Sep'22 onwards.

Classifications such as banks and foreign portfolio investors were not available earlier. The sudden changes in FII or DII can be because of these changes.

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