Infra Sector Q2 Earnings Preview - Stellar Execution Expected: Prabhudas Lilladher
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Prabhudas Lilladher Report
Despite onset of monsoon, we expect our coverage universe to report strong execution growth in Q2 versus Q1 with an average revenue growth of ~33% YoY backed by-
rising availability of labour force on project sites (average labour availability at pre-Covid-19 levels),
timely disbursal of payments from Government authorities supporting working capital levels,
easing supply side constraints and
sharp rise in toll collection amid pickup in economic activity.
We expect Ebitda margins to sequentially recovery as operating leverage kicks in.
Adjusted profit after tax is expected to rise by an average of ~91% YoY, on better operational efficiencies, reduced interest rates and low base of last year.
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