Capacite Infraprojects Q3 Review - Strong Outlook With Execution Picking Up: Prabhudas Lilladher

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Prabhudas Lilladher Report

Capacite Infraprojects Ltd. reported weak quarterly numbers with revenues coming in below our and street estimates.

However, stringent cost control measures and better operational efficiencies led to positive surprise on margins front.

Execution in its largest project CIDCO (Rs 45 billion) is picking up pace with revenues of Rs 7.5-8 billion expected in FY22E.

On the back of huge order book, rising execution pace in CIDCO and other key private sector projects, strong liquidity position with healthy collections (Rs 2.7 billion in Q3) and overall traction in both affordable housing and private sector, management guided for FY22 revenues of over Rs 20 billion with Ebitdam of 17.5-18.5%.

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