We expect TRF to deliver best performance in our MHE universe. We expect TRF to report healthy topline growth at 39% yoy to Rs827 mn led by strong growth in Projects division (+39% yoy) as well as Product division (+39% yoy).
We expect operating margins to expand 90 bps yoy to 11.8% due to better product mix. Consequently we expect operating profit to grow at 50% yoy to Rs97 mn.
We expect high interest charge (on account of extended working capital and acquisition of York Transport) to result in subdued net profit growth at 31% yoy to Rs51 mn.
Management commentary on (1) order inflow outlook (2) ability to manage receivables (3) performance of York Transport and (4) newly acquired trailer business in Sri Lanka - will be analyzed closely.
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