National Thermal Power Corporation ( NTPC ) has cancelled Rs 400 crore tender won by Tecpro Systems . Larsen and Toubro ( L&T ), Bharat Heavy Electricals ( BHEL ), McNally Bharat Engineering and Elecon Engineering are likely to be frontrunners for NTPC tender rebidding.
Elecon's CMD Prayasvin Patel believes Tecpro Systems's non-performance in various other tenders has caused NTPC to cancel the order.
Elecon's order book currently stands at Rs 1200 crore out of which Rs 600 crore worth orders are from NTPC, he says in an interview with CNBC-TV18's Nigel D'Souza and Reema Tendulkar.
Below is the edited transcript of the interview:
Q: National Thermal Power Corporation (NTPC) has cancelled a Rs 400 crore tender which was earlier won by Tecpro Systems. Any idea with regard to this order, will you all be bidding for this particular order?
A: Yes, we have been evaluating it and most probably, we should be bidding for it.
Q: Did you bid for it in the past?
A: Yes.
Q: Are you aware why NTPC has cancelled this order with Tecpro Systems?
A: This is due to non-performance of the company that they have been experiencing in various other tenders which is why they have gone in for a rebidding.
Q: Are you aware of what the margins will be in this tender and it's a Rs 400 crore tender but how will the revenues from this flow out to whoever wins it?
A: Normally, the margins in this field at this juncture are on extremely low levels and we believe that it would continue to be at low levels for at least one additional year in which any of the biddings would take place.
Q: Do you expect any more orders to flow in from NTPC?
A: We believe that right now NTPC is reevaluating lot of other vendors who have not been performing and probably they may also go in for retendering.
Q: So you will be attempting to rebid in most of them?
A: Yes.
Q: And the quantum of those orders approximately?
A: That would be difficult to say right now because it depends on NTPC as to who they feel are the non-performing companies will also go in for rebidding.
Q: When is this particular tender opening up for bids?
A: They normally take a period of one month or so.
Q: We also understand that companies like L&T, BHEL will also be looking to bid for this particular tender so what differentiates Elecon and have you all previously worked on such a similar contract for NTPC?
A: Yes we have bid for a lot of NTPC jobs, we are one of the oldest companies in this field and it is our experience which counts because these are tailor-made projects where the more experience you have the better systems you can design with less problems during maintenance and operations.
Q: So currently what will be the size of various orders that you are currently doing for NTPC?
A: Right now we have two major projects which we are doing for NTPC and the amount would be approximately close to Rs 600 crore.
Q: What is your total order book currently?
A: Total order booking should be approximately around Rs 1200 crore including Rs 600 crore of NTPC.
Q: Overall, how is FY15 shaping up as we have started the year?
A: It is still a touch year and things would improve during the last half to last quarter of the year.
Q: Last year, your margins came at around 12 percent. Are you looking to maintain that or do you expect further pressure on your margins because the last quarter of last year was quite good?
A: We expect to improve our margins this year because of the higher output and better performance as we have done a lot of cost cutting and we believe that this would pay more results.
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