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Dolat Capital Report
Dilip Buildcon Ltd. reported results below estimates on all fronts and Ebitda margins of 13.2% were the lowest in a decade.
The company expects similar margins in Q2 FY22E.
Dilip Buildcon posted 13.4%/ down 5.8%/ down 10.9% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 21.5 billion/ Rs 2.8 billion/ Rs 300 million in Q1 FY22.
We broadly maintain our revenue estimates for FY22E/ FY23E and reduce Ebitda margin estimates by 85 basis points/ 80 bps for FY22E/ FY23E factoring Q1 FY22 results.
We factor higher debt of Rs 32.7 billion/ Rs 30.9 billion (earlier Rs 28.9 billion/ Rs 23.9 billion) in FY22E/ FY23E leading to higher finance cost.
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