Dolat Capital: Infrastructure Sector Q2 FY21 Result Review
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Dolat Capital Report
Our coverage universe of 8 stocks reported revenue of Rs 67.4 billion in Q2 FY21, a de-growth of 5.3% YoY (+25.0% QoQ) as execution was impacted due to less availability of labour and onset of monsoon. Ebitda was down 18.3% YoY (+34.9% QoQ) to Rs 9.8 billion and Ebitda margins contracted 232 bps YoY (+107 bps QoQ) to 14.5%. APAT witnessed degrowth of 16.5% YoY (+161.0% QoQ) to Rs 3.1 billion in Q2FY21. Tax rate stood at 31% vs. 19.1% (Q2FY20).
KNR, Dilip Buildcon and Ahluwalia were the only companies to report revenue growth of 10.1%/ 6.4%/ 0.2% whereas all other companies showed a revenue decline YoY in Q2 FY21. Ebitda margins for all companies reported a contraction except for HG Infra and NCC. On the APAT front, 3 companies viz. NCC, KNR and Ahluwalia reported growth whereas others reported de-growth.
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