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Dolat Capital Report
Dilip Buildcon Ltd. reported results above estimates on all fronts. The company posted 17.5%/ 28.2%/ 73.1% YoY de-growth in revenue/ Ebitda/ Adjusted profit after tax to Rs 18.9 billion/ Rs 3.0 billion/ Rs 337 million in Q1 FY21.
We increase our revenue estimates by 20.6%/ 9.8% for FY21E/ FY22E factoring Q1 FY21 results and execution from inflows won in Q1 FY21.
We maintain Ebitda margin estimates for FY21E/ FY22E. Accordingly, we increase our adjusted profit after tax estimates by 119.5%/ 26.1% for FY21E/ FY22E.
We factor higher debt of Rs 34 billion in FY21E versus Rs 32.6 billion in FY20. We expect Dilip Buildcon's revenue/ adjusted arbitrage pricing theory to de-grow at compound annual growth rate of 2.5%/ down 6.3% over FY20-22E.
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