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ICICI Securities Report
Government has clearly signalled its intent to accelerate infrastructure development and thereby, crank up the economic growth.
Despite lockdown and pandemic challenges, FY21RE capex outlay has been marginally increased to Rs 4.4 trillion, implying strong Q4 FY21E for capital goods companies.
Overall capex allocation for FY21BE is Rs 5.5 trillion, driven by roads (up 17%), metro (up 193%), renewables (up 16%), central multi-lateral projects (up 43% YoY) and state multi-lateral projects (up 90% YoY).
The push towards distribution sector reforms will step up the demand for low and medium voltage switchgear, smart meters etc.
Water, sanitation and railways have also witnessed generous increase in outlay; we believe execution of this will propel growth.
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