ITD Cementation Q4 Review - Healthy Execution With Strong Margins: Prabhudas Lilladher

Six lane link road construction between NH 24 Bypass and NH 58 at Ghaziabad carried out by ITD Cementation India Ltd. (Source: Company website).

ITD Cementation Q4 Review - Healthy Execution With Strong Margins: Prabhudas Lilladher

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Prabhudas Lilladher Report

ITD Cementation India Ltd. reported strong set of numbers as revenues (up 33% YoY) marginally missed estimates while margins surprised positively.

However, due to the second wave of Covid-19, execution at project sites have dipped by ~15% in April-May 2021.

The company witnessed improved liquidity position as it reduced gross debt by ~Rs 1.4 billion in Q4 taking net debt-equity to 0.2 times.

With strong order book position, healthy bid pipeline (Rs 880 billion) and improved liquidity position on one hand and headwinds due to second wave of Covid-19 on the other, management guided for conservative 15-20% revenue growth in FY22E.

Click on the attachment to read the full report:

Prabhudas Lilladher ITD Cementation Q4FY21 Result Update.pdf


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