Dolat Capital: Infrastructure Sector - Q1 Earnings Review
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Dolat Capital Report
Our coverage universe of eight stocks reported revenue of Rs 54 billon in Q1 FY21, a de-growth of 34.0% YoY as execution was impacted due to lockdown caused by Covid-19.
Ebitda down 41.1% YoY to Rs 7.3 billion and Ebitda margins down 164 basis points YoY to 13.5%.
Adjusted profit after tax witnessed de-growth of 75.4% YoY to Rs 1.2 billion in Q1 FY21. Tax rate stood at 18.2% versus 29.1% (Q1 FY20).
Revenue of all companies decreased YoY in Q1 FY21 except for KNR Constructions Ltd. which reported a growth of 3.2% YoY.
Ebitda margins for all companies reported a contraction except for HG Infra Engineering Ltd. and KNR Construction Ltd.
On the adjusted profit after tax front, all companies reported de-growth and three companies viz. J Kumar Infraproject Ltd., NCC Ltd. and PSP Projects Ltd. reported loss.
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