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Dolat Capital Report
HG Infra Engineering Ltd. reported results above estimates on all fronts.
The company reported 206.0%/ 202.3%/ 489.3% YoY growth in revenue/ Ebitda/ profit after tax to Rs 9.1 billion/ Rs 1.5 billion/ Rs 889 million in Q1 FY22.
We increase our revenue estimates by 4.0%/ 6.7% and broadly maintain Ebitda margin estimates for FY22E/ FY23E factoring Q1 FY22 results.
Accordingly, we increase our profit after tax estimated by 8.0%/ 10.9% for FY22E/ FY23E.
HG Infra has received appointed date for all its projects (except Rs 18.4 billion three hybrid annuity model projects and one engineering, procurement and construction project of Rs 12.4 billion) and entire execution benefit will be realised in FY22E.
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