Infra Sector Q3 Earnings Review: Dolat Capital

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Dolat Capital Report

Our coverage universe of eight stocks reported revenue of Rs 88.7 billion in Q3 FY21, a growth of 3.6% YoY (up 31.6% QoQ) as execution picked up pace led by receding lockdown issues and monsoon.

Ebitda was flat at 0.2% YoY (up 29.7% QoQ) to Rs 12.7 billion and Ebitda margins contracted 49 basis points YoY (down 20 bps QoQ) to 14.3%.

Adjusted profit after tax witnessed growth of 12.8% YoY (up 68.1% QoQ) to Rs 5.2 billion in Q3 FY21.

Tax rate stood at 31.5% versus 18.7% (Q3 FY20).

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