Prabhudas Lilladher: Sadbhav Engineering Q2 Review - Rising Execution With Healthy Margins
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Prabhudas Lilladher Report
Sadbhav Engineering Ltd. posted a decent set of numbers with revenues in line with our estimates while margins remain healthy at 12.1%, beating our and street estimates.
Execution across project sites is picking up sharply with material and labour force availability both reaching pre-Covid-19 levels.
With three large projects moving to full-fledged execution (leading towards daily run-rate of Rs 90-100 million versus current Rs 70 million), labour force at pre-Covid-19 levels and strong bid pipeline, management guided revenues to be approximately Rs 22 billion in FY21E and Rs 35-36 billion in FY22E with Ebitdam expected be ~12%.
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