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Prabhudas Lilladher Report
We expect a strong execution in Q3 FY21 versus H1 FY21 for our infra coverage universe with average revenue expected to grow by approximately 5.3% YoY versus decline of 17%/ 44% in Q2/Q1 FY21.
We expect Ebitda margins to sequentially show sharp recovery as operating leverage kicks in.
Q3 will be primarily driven by -
1. sharp bounce back in labour availability to pre Covid-19 levels, across major project sites,
2. sustained awarding momentum across roads, urban infra and water infra segments,
3. timely disbursal of payments from government authorities and low-interest Covid-19 loans.
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