Elecnor reported FY22 results ahead of the street and our expectations. Sales grew by 16% yoy driven by robust growth across the domestic and international markets. The order book grew by 5% yoy supported by the signature of renewable energy projects. For FY23, the management expects sales and profit to be higher vs the previous year. We will increase our estimates to incorporate the strong FY22 performance but are likely to maintain our cautious view on the stock.
27 Feb 2023
Sustainability trends drive the FY22 performance
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Sustainability trends drive the FY22 performance
- Published:
27 Feb 2023 -
Author:
Nupur Gupta -
Pages:
3
Elecnor reported FY22 results ahead of the street and our expectations. Sales grew by 16% yoy driven by robust growth across the domestic and international markets. The order book grew by 5% yoy supported by the signature of renewable energy projects. For FY23, the management expects sales and profit to be higher vs the previous year. We will increase our estimates to incorporate the strong FY22 performance but are likely to maintain our cautious view on the stock.