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VA Tech Wabag - Healthy execution, working capital concerns remain - ICICI Securities Posted On: 2021-02-15 04:36:07 (Time Zone: Arizona, USA) VA Tech Wabag s Q3FY21 performance was better than expectations, supported by pick up in both domestic and overseas execution leading to healthy operating margins. Kolkata HAM project financial closure is in its final stages and is likely to commence by Mar 21. Chennai 400MLD desalination project ordering activity has commenced and pre-qualification bids are expected to get over by next month. Strong orderbook of Rs107bn (4.2x TTM sales) lends visibility and the company has announced EUR100mn worth of overseas orders; however, 33% of orderbook is O&M which restricts near- to medium-term growth. Gross debt has reduced to Rs3.83bn in Dec 20 from Rs4.32bn in Sep 20 and Rs5.2bn in Mar 20. Factoring better-than-expected earnings, increased capex outlay by government in water space and commencement of Namami Ganga, we raise earnings by 68.5

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