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Opportunities in power transmission

Jul 3, 2008

Power transmission plays an equal if not a bigger part in a nation's power sector growth as compared to the generation and distribution segments. The transmission segment involves companies that are involved in transmitting power generated at the plant to the distribution company (for the latter to ultimately distribute it to final consumers of power) along with engineering companies that set up transmission projects and manufacture equipments such as transmission lines, power cables, transforme

Thermax: Buoyant environment but...

Dec 3, 2004

Pune based engineering major, Thermax India, has had a good run on the stock markets over the past couple of months (up 34% since August 2004). On the back of a good performance of both its business segments - energy and environment, the topline of the company recorded a significant 56% growth during the first half of FY05. However, pressure on the operating margins, as well as a decline in other income has seen the company's profits declining by over 22% during 1HFY05.

Siemens: FY05 performance review

Dec 2, 2004

Engineering major, Siemens reported buoyant results during its year ended September 2004 (FY05), reporting nearly 23% topline growth. However, bottomline growth was a sedate 8.6%. The company's expenses rose at a faster clip, as compared to revenues, thereby putting a downward pressure on operating margins. On a consolidated basis (including Siemens Ltd. and Siemens Information Systems Ltd.), the company finished with nearly 28% topline and a none too enthusing 2% bottomline growth during FY05.

BHEL: Buoyancy continues

Oct 29, 2004

Engineering major, BHEL, has declared good results for 2QFY05. The company has posted a 12% YoY increase in topline while bottomline of the company has grown by 56%. The operating margins have improved marginally, while the net profit margin grew by over 2% owing to lower extraordinary expenses.

L&T: Strong momentum

Oct 25, 2004

Engineering major, L&T, continued its buoyant performance in September quarter. The company reported 44% revenue and 358% bottomline growth during the quarter. However, bottomline growth was propped up by significant extraordinary income. Operating margins continue to improve as compared to corresponding period last year.

ABB: Continues to meet expectations

Oct 19, 2004

Transmission and distribution (T&D) major, ABB, has continued its strong showing in the September quarter. The company has reported a strong 66% revenue growth during the quarter. Resultantly, ABB's revenue growth during the nine month period ended September quarter stands at nearly 60%, indicating the overall buoyancy in the power and engineering sector. The company has grown its profits by nearly 73% during the quarter, despite a dip in operating margins.

Siemens: Bright prospect ahead?

Oct 1, 2004

With the capacity addition plans of power, steel, non-ferrous metals, chemicals, textile and food industries and higher infrastructure spending planned by government, the macro investment cycle looks encouraging. In such a scenario, demand for the industrial equipments is likely to rise. Having recognised this, the markets have shown significant buying interest in the engineering stocks in past few months. Engineering major, Siemens gained around 17% on the bourses in last one month and has larg

Voltas: Why has it outperformed?

Sep 13, 2004

As markets have started realising the engineering story (investment in power sector, higher infrastructure spending and upturn in the investment cycle), mid-cap engineering companies like Voltas have witnessed significant buying interest on the bourses in last few trading sessions. The stock has gained around 40% in last two months and has outperformed other engineering companies like ABB (up 8%), Thermax (up 15%) and Siemens (up 23%). Let's have a closer look.

Thermax: A look ahead!

Jan 12, 2004

In line with other engineering stocks, the stock price of Thermax has also gained significantly in last few months. The graph below shows the returns on Rs 100 invested in Thermax as compared to Rs 100 invested in BSE-Sensex. In this article, we analyse the business of the company, its key growth areas going forward, which will give a fair idea whether the current rally in the stock price of the company is justified based on its fundamentals.

L&T: Restructuring rewards…

Jan 2, 2004

Going by the spate of decisions that the management of the company has taken in recent times, engineering giant L&T seems to have finally decided to mend its ways. Close on the heels of the company deciding to demerge the cement division, it has announced that it now also plans to exit the glass container business.

Engineering: Great year 2003

Dec 29, 2003

Empowered by the reforms in Indian power sector, infrastructure spending by government, higher industrial activity leading to 6.5% growth in IIP (index for industrial production) and huge order inflows, 2003 has been a great year for engineering companies. Returns given by major engineering stocks were much higher as compared to the BSE-Sensex. Due to healthy order inflow, the topline of the engineering majors saw double-digit growths. However, due to higher operational efficiencies, the bottoml

BHEL: Power potential

Dec 24, 2003

India’s largest engineering company, BHEL, has again registered a robust increase in the orderbook in the third quarter. Till date, the company has received orders worth more than Rs 45 bn in the period between October-December 2003.

"I believe that IT division would be a significant contributor to L&T's prosperity"

Dec 17, 2003

In an interview with Equitymaster.com Mr. Deosthalee spoke at length about the business prospects of L&T in the coming years.

ABB: Appraising the future

Dec 10, 2003

Increasing orderbook size, focus on infrastructure, reforms in power sector, higher growth expectations and better financial results are few of the factors that have led to spurt in investor interest towards engineering stocks.

Siemens: Consolidated view

Dec 4, 2003

Siemens India has witnessed a substantial increase in its stock price in recent times. The company's stock has run up by almost 50% in last one month, especially after the declaration of FY04 results (September ending).

ABB: Bottomline up 20%

Oct 30, 2003

Automation major, ABB has posted a healthy 22% increase in its topline for 3QFY04. However, the bottomline of the company grew at marginally slower rate, up 20% YoY. The 9-month picture looks better as the bottomline has shown an improvement of 33%. Though operating profit margins have registered a decline, they are more or less in line with the past trend of the company.

BHEL: Industrial fillip…

Oct 30, 2003

Engineering major, BHEL has posted good results for 1HFY04. The company’s topline has increased by 20% where as the bottomline for the first half has grown significantly by 54%. The company’s operating margins have also improved marginally. However, despite a 466% higher tax adjustments, company has improved net profit margins by 70 basis points.

BHEL: What is expected?

Oct 27, 2003

BHEL’s stock price has witnessed an appreciation of 150% in last 10 months mainly due to increased orderbook and good growth prospects for the company. BHEL is about to announce its 3QFY04 results on 29th October 2003. In this context, consider what is expected in 2QFY04.

Siemens: A preview

Oct 20, 2003

Engineering major, Siemens Limited, is expected to come out with its annual numbers soon. In this article we have looked at the 9 months results of the company for the last three years and tried to gauge the future performance of the company.

ABB Vs BHEL

Sep 29, 2003

With the prospects for the economy looking good and the continued focus on development of infrastructure, the prospects for engineering companies are also looking good. In this article let’s take a look at the businesses of engineering majors ABB and BHEL and their growth prospects.


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