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Dolat Capital Report
Dilip Buildcon Ltd. reported revenue and adjusted profit after tax above estimates, however Ebitda and Ebitda margin lower estimates.
The company posted up 22.1%/ down 27.4% YoY growth in revenue/ Ebitda to Rs 26.2 billion/ Rs 2.1 billion in Q1 FY23. Adjusted net loss stood at Rs 10 million in Q1 FY23 versus Rs 300 million (Q1 FY22).
We broadly maintain our estimates for FY23E/ FY24E. We expect Dilip Buildcon's revenue/ Ebitda to grow at compound annual growth rate of 10.2/ 37.3% over FY22-24E.
Gross debt reduced by only Rs 1.67 billion since FY21 to Rs 32.3 billion (Q1 FY23) despite Rs 5.1 billion QIP in April 2021 up Rs 7 billion infusion by 100% newly created subsidiary Dilip Buildcon Infra as working capital increased by Rs 7.2 billion.
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