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Dolat Capital Report
Ahulwalia Contracts India Ltd. reported results above estimates on all fronts.
The Company posted 38.2%/ 61.1%/ 69.0% YoY de-growth in revenue/ Ebitda/ profit after tax (PAT) to Rs 2.5 billion/ Rs 185 million/ Rs 75 million in Q1 FY21.
We increase our revenue/ Ebitda margin estimates by 7.1%/ 297 basis points for FY21E factoring Q1 FY21 results. Accordingly, we increase our PAT estimates by 674.1% for FY21E.
We broadly maintain our FY22E estimates. We estimate 0.6%/ 35.7% revenue/ PAT compound annual growth rate over FY20- 22E.
Ahluwalia Contracts should remain a net cash company, with an average return on capital employed/ return on equity of 13.6%/ 9.2% over FY20-22E.
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