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Dolat Capital Report
PSP Projects Ltd.’s revenue and profit after tax came much below estimates but Ebitda margin in line.
The company posted three times/ 30.3 times YoY growth in revenue/ Ebitda to Rs 3.2 billion/ Rs 394 million in Q1 FY22.
PSP Projects reported profit after tax of Rs 251 million versus loss of Rs 22 million in Q1 FY21.
SBD revenue - Rs 924 million versus Rs 456 million (Q1 FY21).
We broadly maintain our estimates for FY22E/ FY23E factoring Q1 FY22 results.
We expect a 22.5%/ 32.2% revenue/ adjusted profit after tax compound annual growth rate over FY21- 23E, with Ebitda margins of 12.1%/ 12.1% for FY22E/ FY23E.
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