VA Tech Wabag is top gainer

VA Tech Wabag which was hovering around its low levels for the past few months seems to have found anew leash of life today and this is thanks to its Q2FY17 performance. Volumes are up some 5 times.

For Q2FY17, the company posted a 18% (YoY) rise in net profit at Rs.28 crore on a 38% jump in income at Rs.448 crore. A good opening order backlog followed through with better execution helped this increase.  EBITDA was up 36% at Rs.51 crore and margins remained steady at 11.4 v/s 11.6%. There has been a 65% jump up in interest outgo and that is mainly due to increase in short term borrowing for working capital and increased bank charges for higher order book.

During H1FY17, the company had an order intake of over Rs.1500 crore and total order book is over Rs.7900 crore, including framework contracts of Rs.870 crore.