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Anand Rathi Report
The year-end awarding surge (especially in roads) helped to an inspiring close to the year, leading to ample revenue assurances for most in the sector as well as for those we cover.
On a combination of a push from government agencies (to exhaust allocated budgets, a year-end phenomenon) and an execution-heavy quarter even otherwise, we expect higher revenue from operations for most in the space.
Though order backlogs for most include escalation clauses, the underlying indices’ inability to reflect inflationary pressures is likely to have eaten into profitability.
Some lengthening of working-capital cycles, too, is not ruled out (due to higher input prices). With input prices still fluid, inflation is indubitably the key monitorable.
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