HG Infra - A Play On Thriving Road Segment: ICICI Direct Initiates Coverage 
A view of newly constructed flyover and underpass in New Delhi, India. (Source: PTI Photo) 

HG Infra - A Play On Thriving Road Segment: ICICI Direct Initiates Coverage 


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

ICICI Direct Report

HG Infra Engineering Ltd., in a span of 18 years, has successfully emerged as an efficient road contractor led by the expertise gained over time to execute large-ticket road projects.

Additionally, its scaled-up prequalification, expansion in different geographies and decision to bag engineering procurement and construction/hybrid annuity model projects selectively has resulted into robust topline, bottomline growth (32.5%, 78.9% compound annual growth rate over FY16-20, respectively).

Going forward, it is well on track to achieve healthy 17.8%, 20.5% revenue, profit after tax CAGR, respectively, in FY21-23E given remarkable execution track record, strong order book-to-sales ratio and likely continued momentum in road sector.

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ICICI Direct HG Infra Initiating Coverage.pdf


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