HG Infra Q4 Review - Stellar Execution; Improved Visibility: Prabhudas Lilladher
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Prabhudas Lilladher Report
HG Infra Engineering Ltd. reported very strong set of numbers, beating our and street estimates on both execution and margins front.
The execution momentum was driven by ramp up in operations in its under-construction projects and entire order book (Q3) being under execution.
Due to second wave of Covid-19, labour availability has currently dropped to ~70-75% levels, however company indicated that there is gradual return of labour to the project sites.
On the back of strong order book, robust bid pipeline, reduction in net debt levels (thereby improved liquidity position) and three hybrid annuity model projects expected to complete by Q3 FY22, management guided for robust execution momentum and raised its revenue guidance to 25-30% YoY growth in FY22E.
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