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IDBI Capital Report
Dilip Buildcon Ltd. in Q2 FY22 reported loss of Rs 193 million versus our and consensus estimate profit after tax of Rs 0.5 billion.
Weak Q2 is led by lower Ebitda margin at 10.6% versus our estimate of 14%. Due to weak margin and higher fixed charges (interest cost) at Rs 1.6 billion, Dilip Buildcon reported loss after tax.
H1 FY22 profit after tax forms 2% to our FY22E profit after tax and this has made us to lower FY22E/23E estimate by 41% for FY22E and 20% for FY23E.
On guidance front, Dilip Buildcon expects revenue of Rs 95-100 billion in FY22 and Ebitda margin of ~14-15%.
Margin weakness is on account of no early completion bonus and increase in the raw material cost.
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