BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Nirmal Bang Report
We expect Q3 FY22 to be a moderate quarter for construction companies as execution is expected to remain rangebound whereas higher input costs of cement, steel, bitumen and sand/aggregates are likely to weigh negatively on margins.
Within our coverage universe, only KNR Construction Ltd. and PNC Infratech Ltd. will deliver decent results whereas the rest of the companies are likely to see further weakness in revenue as well as margins for various company specific reasons.
For the five companies under our coverage, we are building in flattish YoY revenue while we expect adjusted profit after tax to decline by 35% YoY. Ebitda margin is expected to decline by 235 basis points YoY and 175 bps QoQ.
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