Sadbhav Engineering - Execution Likely To Pickup Post Q3: Prabhudas Lilladher
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Prabhudas Lilladher Report
Sadbhav Engineering Ltd. saw soft execution as revenues came in below our/ street estimates.
However, higher Ebitda margins lead to positive surprise on margins front.
On the back of healthy order book, strong bid pipeline, a significant ramp-up in five large projects (to take daily run-rate from current Rs 60-70 million to Rs 100 million), sharp uptick in toll collection (up 11% YoY in Q3) and expected provisional commercial operation date in four more projects by H1 FY22, execution and toll collection to remain strong going forward
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