Construction Sector Check - Superior Revenue Visibility For Next Two Years; Valuation Attractive: Nirmal Bang
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Nirmal Bang Report
We believe that the construction sector stocks will continue to outperform as earnings growth momentum is likely to sustain amid improved execution coupled with strong order inflow expectations.
In this note, we have introduced FY24 estimates for our coverage companies and have rolled our valuation base forward to September 2023 from March 2023.
We have a positive view on the sector due to -
thrust by the government on infra spending through the National Infrastructure Pipeline,
favorable regulatory changes introduced by Ministry of Road Transport and Highways,
strong orderbooks and balance sheet positions of various engineering procurement and construction companies and
increased asset monetisation opportunities for private players augur well for the sector.
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