Techno Electric & Engineering Company Ltd

Techno Electric & Engineering Company Ltd

₹ 755 -1.22%
23 Feb 4:01 p.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 8,137 Cr.
  • Current Price 755
  • High / Low 860 / 312
  • Stock P/E 41.0
  • Book Value 185
  • Dividend Yield 0.80 %
  • ROCE 8.18 %
  • ROE 9.91 %
  • 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 34.5%

Cons

  • Stock is trading at 4.09 times its book value
  • The company has delivered a poor sales growth of -8.35% over past five years.
  • Company has a low return on equity of 11.6% over last 3 years.
  • Earnings include an other income of Rs.181 Cr.
  • Company has high debtors of 282 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

Consolidated Figures in Rs. Crores / View Standalone

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
248 215 189 274 298 305 145 186 185 313 274 462 327
170 196 134 188 257 268 123 153 162 306 253 385 270
Operating Profit 77 19 55 85 40 37 22 32 23 7 21 78 56
OPM % 31% 9% 29% 31% 14% 12% 15% 17% 13% 2% 8% 17% 17%
11 8 17 10 113 -0 28 42 20 78 29 29 45
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 84 150 33 48 71 40 77 44 101 95
Tax % 25% 13% 24% 25% 24% -13% 25% 17% 21% 21% 42% 27% 4%
56 9 47 65 115 37 36 59 31 61 25 74 92
EPS in Rs 5.09 0.85 4.28 5.89 10.44 3.38 3.23 5.35 2.90 5.65 2.35 6.86 8.54
Raw PDF

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 TTM
120 1,283 986 871 884 999 830 1,376
10 988 736 654 668 840 742 1,214
Operating Profit 110 295 250 217 216 159 87 162
OPM % 91% 23% 25% 25% 24% 16% 11% 12%
19 42 73 48 67 175 165 181
Interest 21 25 13 7 9 7 11 18
Depreciation 37 42 42 42 41 7 8 8
Profit before tax 70 271 268 216 232 319 233 316
Tax % 20% 24% 28% 17% 22% 19% 20%
56 206 193 179 182 264 187 252
EPS in Rs 0.63 2.31 17.16 16.28 16.53 23.99 17.36 23.40
Dividend Payout % 0% 0% 0% 0% 61% 8% 35%
Compounded Sales Growth
10 Years: %
5 Years: -8%
3 Years: -2%
TTM: 67%
Compounded Profit Growth
10 Years: %
5 Years: -2%
3 Years: 5%
TTM: 49%
Stock Price CAGR
10 Years: %
5 Years: 23%
3 Years: 41%
1 Year: 122%
Return on Equity
10 Years: %
5 Years: 12%
3 Years: 12%
Last Year: 10%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023 Sep 2023
Equity Capital 178 23 23 22 22 22 22 22
Reserves 484 1,209 1,404 1,474 1,594 1,815 1,909 1,966
273 67 44 0 40 0 0 0
32 621 547 583 546 679 839 924
Total Liabilities 967 1,920 2,017 2,079 2,203 2,516 2,769 2,911
616 585 546 508 467 459 81 79
CWIP 0 0 0 0 0 0 95 181
Investments 209 450 581 691 714 1,049 1,305 1,221
141 885 891 881 1,022 1,008 1,288 1,430
Total Assets 967 1,920 2,017 2,079 2,203 2,516 2,769 2,911

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
160 212 198 112 125 259 93
-158 142 -171 38 -54 -224 13
-55 -326 -16 -161 -34 -64 -103
Net Cash Flow -54 28 10 -11 37 -28 3

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 Mar 2022 Mar 2023
Debtor Days 230 216 202 240 219 213 282
Inventory Days 3 13 59
Days Payable 185 205 303
Cash Conversion Cycle 230 34 202 240 219 22 38
Working Capital Days 161 89 159 159 206 188 232
ROCE % 26% 20% 13% 12% 18% 8%

Shareholding Pattern

Numbers in percentages

Mar 2021Jun 2021Sep 2021Dec 2021Mar 2022Jun 2022Sep 2022Dec 2022Mar 2023Jun 2023Sep 2023Dec 2023
60.18% 60.18% 60.18% 60.18% 60.18% 60.18% 60.21% 61.16% 61.52% 61.52% 61.52% 61.52%
1.04% 1.02% 1.25% 1.19% 1.24% 1.44% 1.62% 1.69% 2.10% 2.18% 2.29% 3.21%
30.93% 32.13% 30.86% 29.79% 27.33% 27.32% 26.81% 25.95% 25.03% 24.21% 24.58% 23.98%
7.84% 6.66% 7.71% 8.84% 11.25% 11.05% 11.37% 11.20% 11.35% 12.08% 11.63% 11.27%
No. of Shareholders 8,54410,19520,30123,02623,72421,06523,04920,58019,77930,39036,50843,313

* 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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