HG Infra Engineering Q2 Review - Execution Momentum To Continue: Dolat Capital
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Dolat Capital Report
HG Infra Engineering Ltd. reported revenue and Ebitda in line however, adjusted profit after tax above estimates.
HG Infra reported 60.4%/ 58.3%/ 113.8% YoY growth in revenue/ Ebitda/ profit after tax to Rs 7.5 billion/ Rs 1.2 billion/ Rs 698 million in Q2 FY22.
We increase our revenue and Ebitda estimates by 4.3%/ 7.5% and 4.9%/ 6.6% for FY22E/ FY23E factoring pick up in execution in H2 FY22.
Accordingly, we increase our profit after tax estimated by 13.2%/ 9.9% for FY22E/ FY23E. We introduce FY24E.
HG Infra has received appointed date for all its projects (except Rs 44.4 billion six hybrid annuity model projects) and entire execution benefit will be realised in FY23E.
We expect 35.4%/ 18.8%/ 19.4% revenue growth for FY22E/ FY23E/ FY24E.
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