Ashoka Buildcon Q4 Review - Asset Monetisation Key Ahead: ICICI Direct
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ICICI Direct Report
Ashoka Buildcon Ltd. reported decent standalone revenue growth of 10.5% at Rs 1387 crore on a benign base (~4% decline in Q4 FY20).
Reported Ebitda margins at 14.5% were higher owing to year end reversal of provision and engineering and construction services as projects came to an end as well as price Index multiple being passed on to the engineering procurement and construction arm on achieving milestone.
On a normalised project level, the company indicated that margin was in the range of 12-12.5%.
Profit after tax at Rs 149.2 crore was down ~9% YoY as the base quarter has higher margins due to reversals.
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