BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Ashoka Buildcon Ltd.’s Q4 FY21 revenue increased ~11% YoY, in line with our estimate.
Ebitda stood 15% above our estimate, led by a higher Ebitda margin (150 basis points above our expectation) on account of the reversal of expected credit loss provisions in some power projects.
As a result of lower depreciation, coupled with higher other income, adjusted profit after tax declined 9% YoY and was 36% above our estimate.
The order book declined 3% YoY to Rs 81.7 billion in FY21, with the order book/revenue ratio at 2.2 times.
However, including level-one orders of Rs 19 billion, order book stands at ~Rs 100 billion, with order book/revenue at ~2.8 times, which provides comfort.
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