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Sunil Hi-Tech Engineers Ltd. – Engineered for growth

“There is no doubt that a single creative thought has the power to change the whole world”.

“There is no doubt that a single creative thought has the power to change the whole world”.

So, never doubt that a small group of thoughtful committed people can change the world. Indeed, it is the only thing that ever has. Sunil Hi-Tech Engineers Ltd. (SHEL) encompasses such commitments with an insight to foresee the invisible. My articles have almost covered all sectors and renowned companies and being a Nagpurian it’s a delight to present my views, the statistics, performance and growth of SHEL, a Nagpur based company.

BSE Code : 532711

NSE Code : SUNILHITEC

Company Profile :  

Sunil Hitech Engineers Ltd (SHEL) is a niche-player in the thermal power sector. SHEL primarily provides services (like fabrication and erection) for setting up power stations and related services. SHEL comprises of a dynamic management team of intellectual, enterprising directors; promoted by Mr. Ratnakar Gutte (Chairman & Managing Director). A combination of young, emerging and innovative brains backed up by Mr. Sunil Gutte and Mr. Vijay Gutte has added pearls to this closed shell. SHEL has a presence in states like Madhya Pradesh, Uttar Pradesh, Maharashtra, Tamil Nadu, Andhra Pradesh, Rajasthan and Haryana.


Opeartions: & Serivces 

SHEL specializes in Fabrication, Erection, Testing & Commissioning of Thermal Power Plants with high precision quality and timeliness. It has also made its presence felt in the power transmission and distribution, hydropower and steel sectors. For thermal power plant it provides fabrication & erection of super structures up to 660 MW and takes up civil works for thermal power stations up to 500 MW. Besides this it is involved in the fabrication and erection of steel chimney flues. And it also takes turnkey contract for fuel oil systems including tanks. For Hydro Power plants it takes up civil and hydro mechanical works. In transmission and distribution business the company takes up erection of EHV (Extra High Voltage) transmission lines & substations up to 132 kV, 200 kV, 400 kV. It provides operation and maintenance related services to power plants. The services include renovation of boilers and auxiliaries, repair, modification and rehab for utility boilers of 210/500 MW, pressure parts, milling system, rotating parts, ducting, HP/LP piping work. The manufacturing business of company includes Design and Supply of Reheater Coils, LTSH Coils, Economizer Coils, Pressure Parts Bends, Water Walls, Structures, Tanks and Vessels, Heaters, Piping, Supply Boiler Pressure Parts Tubes for 210/500 MW
 

Projects:

SHEL has to its credit many projects executed varying from 30 MW Parli TPS to 500 MW Korba STPS (Super Thermal Power Station), Chandrapur STPS, Vindhachal STPS, Talcher STPP (Super Thermal Power Plant), Rihand STPP and also 250 MW Suratgarh, 210 MW Khaperkheda to name a few.

With over two decades of experience in the power sector, Sunil Hitech has its footprint in over 17,500 MW of generation capacity across India. Sunil Hi tech ownership of over 120 crane in the 8-150 tonnes range places the company one step ahead of competition as an increasing number of BOP (Balance of Plant) works.. SHEL has already jointly bid for civil and structural portion of BOP work of the Mundra UMPP. The company has already bought cranes worth Rs.10 crores and ordered another high capacity crane worth Rs.25 crores, which would be delivered in the next six months.

Sunil Hi-tech has transformed into a principal contractor for NTPC, BHEL, Jindal, Sterlite and major State Electricity Boards to name a few, from being a mere Labour Contractor in 1984. It has undertaken installation of Boilers for major players in EPC for Power Sector. Further it has entered into a technological tie-up with Alstom India Ltd. and has forge new relationships with major players like JSW. Sunil Hitech has entered into a contract with foreign EPC contractor’s like SEPCO for undertaking power plant construction work and has undertaken lump sum jobs with material supply for Boiler Rehab work


Performance (Orders outstanding):

SHEL has recently bagged projects amounting to Rs.100 crores which constitutes structural works of 2×500 MW for NTPC, Ennore, Tamilnadu worth Rs.90.2 crores and structural works at Bellary worth Rs.10.46 crores for JSW Steel. With this SHEL has a strong unexecuted order book of Rs.820 crores with another Rs.100 crores which are to be executed in the next 15-36 months. Approximately, Rs.150 crores is for T&D, Rs.20 crores for steel plants, Rs.40 crores for hydropower while the balance that forms the majority is for the thermal power plant. It is currently working on power plants of 20,000 MW capacities. Majority of the orders are direct orders that typically enjoy superior margins compared to the sub-contract work

Sunil Hitech has bagged orders worth Rs 82 crore. i.e. Rs 45 crore order from an American company called Dodson-Lindblom for 15 MW; they are three small hydro projects of 5 MW each and the other order for Rs 37 crore is from Reliance Energy for the Hisar project that they bagged from Hisar Energy.

These strong Order books indicate a positive growth of the company in the future.

Diversified Client Base

SHEL’s clients include a mix of government and private companies. The list of a few clients include National Thermal Power Corporation (NTPC), Bharat Heavy Electricals (BHEL), Maharashtra State Power Generation Company, Reliance Energy, Madhya Pradesh State Elect Board, Jindal Steel & Power, Shandong Elec Power Const Corp (China), Chattisgarh State Elect Board, Dodson-Lindblom International Inc (USA), Sterlite Inds (BALCO) Rashtriya Ispat Nigam, Rajasthan Vidyut Utpadan Nigam. Sunil Hitech is spreading in all directions, with jobs under execution at around 25 sites, spread across the length and breadth of the country.



 

Key Indicators as on

 

10/4/2008

 Closing Price (Rs.)

 253.50

 EPS (Rs.)

 14.09

 P/E

 18.12

 BV per Share (Rs.)

 123.13

 PB

 2.075

 Mkt Cap (Rs. Crore)

 313.630

 Beta

 1.205

 Returns 1 mth %

 18.53

 Returns 12 mth %

 215.33

 Exc ret over Nifty (12 mths)

 191.97

 Yield %

 0.47

 Shares outstanding

 1,22,75,160

 Avg. daily vol. (30 days)
(Rs. Crore)

 0.77

Share holding (%)

 Dec-07

 Promoters

 65.15

 Public

 17.83

 FIIs

 3.29

 Others

 13.73


Future Prospects 

The Company is now focussing on Balance of Plant with which it would bag orders for comissioning almost entire power plant. SHEL has the capability to execute upto 80% of the Balance of Plant work for a power plant. Currently the order includes 20% material and 80% execution but in case of balance of plant materials would be 70% and execution would be 30%. Thus we expect that the company would bag large size orders in future with better margins 

According to estimates, a target of 100,000 MW fresh capacity addition is needed in India by 2012. Additionally, 28,000 MW is expected to be added by seven Ultra Mega Power Projects (UMPP). The annual peak demand-supply gap (peak shortage) has risen to about 13% in 2007 from 7% in 2005. With companies like NTPC and Reliance Energy expanding thermal power plant capacities, SHEL is well positioned to capitalize on this increase in demand 

Sunil Hitech Engineers is likely to sustain the growth momentum on back of boom in the power, steel, refinery & cement sectors and expansion of power generation capacities by most of the existing private and public sector undertakings. Thus, SHEL has emerged as a complete turnkey player in the power supply chain. SHEL is on a high growth trajectory backed by healthy growth in revenues and expanding profit margins.

After the interactive conversation with the management team of SHEL, I figured out that the Company is eyeing for sugar and mining sectors. SHEL is trying to lay its hand to generate power from Bagasse (biomass remaining after sugarcane stalks are crushed to extract their juice), which is environment-friendly, beneficial and profitable in the long run as it will save carbon emissions and can thus earn carbon credit for itself. Leveraging its vast expertise in the erection & construction of boilers, Sunil Hi-tech is exploring earnestly tie-ups with foreign companies to manufacture erect and commission its own boilers in the sub 50MW range.

In January 2008, the company made QIP (Qualified Institutional Players) of Rs.81.1 crores at an issue price of Rs.360 per share to Bessemer Venture Partner (48.9%), Templeton Mutual Fund (23.3%), Citigroup (7.8%), Merrill Lynch (13.3%) and Tata Mutual Fund (6.6%). The money raised is being deployed in phases to acquire higher capacity cranes and other critical equipments for building power plants of more than 500 MW capacities. Basically, the company is readying itself for the part of BOP work of ultra mega power projects (UMPP). Each UMPP, of 4000 MW has potential BOP work of around Rs 640 crore. This stands to be huge untapped opportunity for SHEL. Sunil hi-tech seeks to touch higher vantage points in the world of power engineering.

My views, vision and recommendation:

"Only by contending with challenges that seem to be beyond your strength to handle at the moment you can grow more surely toward the stars."

Definitely SHEL, a future performer, has started its thousand miles journey of success to reach the sky by undertaking all hurdles and challenges with zeal. So, I have a strong vision for this rising company and recommend to buy SHEL @ around 240, tgt 380 for 1 year and tgt 600 for 2 years.

Amol Dhake – Managing Director
Satvik Investments
5/1, Aakar builders
Chitnavis Layout
Nagpur-440013
 0712 – 6592986 / 3241921

 

 

 

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