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Nirmal Bang Report
We expect Q1 FY23 to be a moderate quarter for the construction companies as execution is expected to remain muted whereas higher input costs (cement, steel, bitumen and sand/aggregates) are likely to weigh on margins.
While there has been some respite in cost inflation, owing to reduction in steel prices, we believe that the impact of the same on margins will be visible by Q2 FY23 only.
Within our coverage universe, we expect Ashoka Buildcon Ltd. to report better revenue growth compared to peers whereas KNR Construction Ltd. is likely to report better margins.
Given the sharp uptick in order inflow in March 2022 and decent order books, we expect FY23 to be a much better year in terms of execution and expect execution growth to kick in from H2 FY23.
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