HG Infra Q4 Review - Execution Momentum To Continue: Dolat Capital
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Dolat Capital Report
HG Infra Engineering Ltd. reported results above estimates on all fronts.
The company reported 65.0%/ 64.2%/ 90.6% YoY growth in revenue/ Ebitda/ profit after tax to Rs 10.3 billion/ Rs 1.7 billion/ Rs 977 million in Q4 FY21.
We increase our revenue, Ebitda margin and profit after tax estimates for FY22E by 9.7%/ 15 basis points/ 13.5% factoring FY21 results and we broadly maintain our estimates for FY23E.
The company has received appointed date for all its projects (except Rs 18.4 billion three hybrid annuity model projects) and entire execution benefit will be realized in FY22E.
We expect 25.0%/ 15.0% revenue growth for FY22E/ FY23E.
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