Infra Monthly - Government Spending, Orders Picked Up Sharply In July: Systematix
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Systematix Research Report
This report is a monthly update on project tendering and awarding activity in the infrastructure space, high-frequency macro data and monthly government capex.
We assess the trends witnessed in July 2021 below.
Tendering activity in July 2021 was up 67% YoY, while trailing-twelve-months tenders were up 27% YoY on a low base.
In FY19, the average monthly run-rate of tender value was Rs 765 billion, which declined to around Rs 545 billion thereafter.
In comparison, July 2021 tenders were at Rs 665 billion (excluding-telecom).
The awarding activity in July 2021 was up 61% YoY as the base effect continued to benefit YoY comparisons.
On a trailing twelve months basis, awards were up 69% YoY but still weaker as compared to FY19.
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