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Dolat Capital Report
J Kumar Infraproject Ltd. reported revenue broadly in line however, Ebitda margins and profit after tax above estimates.
The Company posted 57.3%/ 74.6% YoY de-growth in revenue/ Ebitda to Rs 2.9 billion/ Rs 283 million in Q1 FY21.
J Kumar Infraproject reported loss of Rs 208 million versus profit of Rs 409 million (Q1 FY20).
We reduce our revenue estimates by 11.8% and increase our Ebitda margins by 278 basis points to 12.1% for FY21E factoring Q1 FY21 results.
Accordingly, we increase our profit after tax estimates by 125.0% for FY21E. We broadly maintain our FY22E estimates.
J Kumar Infraproject’s muted revenue growth (4.9% compound annual growth rate over FY20-22E) and Ebitda margin of 12.1%/ 14.0% in FY21E/ FY22E will lead to muted CAGR of down 4.5% in its bottom line over FY20-22E.
We, therefore, expect the return on capital employed and return on equity to dip to 9.9%/ 8.6% in FY22E from 11.4%/ 10.5% in FY20.
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