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HDFC Securities: ITD Cementation Q1 Review - Execution Pickup Awaited 

HDFC Securities: ITD Cementation Q1 Review - Execution Pickup Awaited

Cranes operate at a construction site at the Pragati Maidan exhibition grounds in New Delhi, India. (Photographer: Anindito Mukherjee/Bloomberg)  
Cranes operate at a construction site at the Pragati Maidan exhibition grounds in New Delhi, India. (Photographer: Anindito Mukherjee/Bloomberg)  

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

HDFC Securities Report

ITD Cementation India Ltd.’s Q1 numbers were better than expectation on account of execution beat and cost controls.

Labour availability has improved to 70-80% of pre-Covid-19 level. Order backlog is robust at Rs 126 billion (4.4 times FY20 revenue) aided by FYTD21 order wins of Rs 13.5 billion.

Besides, ITD Cementation is Level- 1 in orders worth Rs 15 billion (total order book at Rs 141 billion).

Although, net working capital days and consolidated net debt (Rs 3 billion versus Rs 1.8 billion at FY20-end) have increased QoQ, balance sheet remains robust.

Click on the attachment to read the full report:

HDFC Securities ITD Cementation Q1FY21 Result Update.pdf

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