Ashoka Buildcon Q3 Review - Weak Execution, Muted Order Inflows: ICICI Direct
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ICICI Direct Report
Ashoka Buildcon Ltd. reported a weaker-than-expected performance during Q3 FY21 wherein standalone revenue was flattish YoY at Rs 981 crore, largely impacted by delays in appointed dates in certain hybrid annuity model, engineering procurement and construction projects.
Also, its operating margin declined 188 basis points YoY to 10.8%, owing to a muted topline performance, unfavourable change in project mix and deferral of profitability recognition in some projects.
At the profit after tax level, weak operating show translated into muted bottomline at Rs 85.7 crore, flat YoY).
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