Infra-Road Q1 Results Review – Robust Order Book To Drive Growth; Outlook Positive: Axis Securities

Axis Securities Report

Financial Performance

During the quarter, companies under our coverage reported revenue/adjusted profit after tax growth of 3%/7%. Ebitda growth was flattish against our expectation of 4%/1%/5% YoY backed by better execution.

Sequential improvement in Ebitda margin

On a sequential basis, Ebitda margins improved marginally by 20 basis points while it remained flattish on YoY basis. Overall performance remained satisfactory during the quarter.

Company-wise performance

HG Infra Engineering Ltd., KNR Construction Ltd. and GR Infraprojects Ltd. contributed positively on revenue/Ebitda/adjusted profit after tax front and performance were either higher or were in line with our expectations.

PNC Infratech Ltd.'s performance was marginally below our expectation owing to lower execution while we remain positive on the growth prospect of the company.

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