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HDFC Securities Report
Unseasonal rains, National Capital Region National Green Tribunal ban, delays in appointed date, and a low contribution from Jal Jeevan mission orders have impacted Q3 FY22 execution.
On a case-by-case basis, the performance may differ based on order mix and appointed date. This is also the quarter in which some companies may continue to make their balance sheets leaner:
Ashoka Buildcon Ltd.'s sales of Ashoka Concessions Ltd. toll assets (Rs 5 billion write-off);
KNR Constructions Ltd. monetisation of hybrid-annuity model asset to Cube;
Dilip Buildcon Ltd. monetisation of HAM assets to Cube;
Larsen and Toubro Ltd. refinancing of Hyderabad Metro debt; and
Kalpataru Power Transmission Ltd./JMC Projects India Ltd. concluding Kohima asset sale/progress on restructuring of road asset.
Hence, this quarter shall see more of balance sheet strengthening.
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