Ashoka Buildcon - Delayed Project Commencement Impacts Q3: Prabhudas Lilladher 
Workers labor on the pillars and cap of an elevated highway near the Indirapuram township in Ghaziabad, Uttar Pradesh, India. (Photographer T. Narayan/Bloomberg)

Ashoka Buildcon - Delayed Project Commencement Impacts Q3: Prabhudas Lilladher 

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Prabhudas Lilladher Report

Ashoka Buildcon Ltd.’s Q3 performance was muted with revenues and margins coming below our and street estimates, mainly due to delayed commencement of three major projects.

The company now received long-awaited appointed date (AD) in Kandi Ramsanpalle hybrid annuity model project and expects AD for one more project within a month or so.

On the back of strong toll collections (up 12% YoY in Q3), labour force at pre-Covid levels, commencing operations in new projects and strong order inflows guidance, execution momentum will remain strong going ahead.

Also conclusion of negotiations in SBI Macquarie stake sale deal (expected by March 2021) will remove a major overhang on the stock.

Click on the attachment to read the full report:

Prabhudas Lilladher Ashoka Buildcon Q3FY21 Result Update.pdf

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