PSP Projects Q1 Review - Pick Up In Execution In FY22E: Dolat Capital
A crane operates at a construction site. (Photographer Brendon O’Hagan/Bloomberg)

PSP Projects Q1 Review - Pick Up In Execution In FY22E: Dolat Capital

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Dolat Capital Report

PSP Projects Ltd.’s revenue and profit after tax came much below estimates but Ebitda margin in line.

The company posted three times/ 30.3 times YoY growth in revenue/ Ebitda to Rs 3.2 billion/ Rs 394 million in Q1 FY22.

PSP Projects reported profit after tax of Rs 251 million versus loss of Rs 22 million in Q1 FY21.

SBD revenue - Rs 924 million versus Rs 456 million (Q1 FY21).

We broadly maintain our estimates for FY22E/ FY23E factoring Q1 FY22 results.

We expect a 22.5%/ 32.2% revenue/ adjusted profit after tax compound annual growth rate over FY21- 23E, with Ebitda margins of 12.1%/ 12.1% for FY22E/ FY23E.

Click on the attachment to read the full report:

Dolat Capital PSP Projects Q1FY22 Result Update.pdf


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