PSP Projects - Decent Q4, Expect Pick Up In Execution In FY22: Dolat Capital
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Dolat Capital Report
PSP Projects Ltd. reported results below estimates on all fronts.
The company posted 9.7%/22.9%/18.7% YoY growth in revenue/Ebitda/ profit after tax to Rs 5.0 billion/Rs 621 million/Rs 407 million in Q4 FY21.
We increase our revenue estimates by 6.2%/ 4.9% and reduce our Ebitda margin estimates by 99/86 basis points for FY22E/FY23E factoring FY21 results.
Accordingly, we broadly maintain our profit after tax estimates for FY22E/FY23E.
We expect a 22.8%/32.7% revenue/adjusted profit after tax compound annual growth rate over FY21-23E, with Ebitda margins of 12.0%/12.1% for FY22E/FY23E.
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