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Dolat Capital Report
PSP Projects Ltd. reported results below estimates on all fronts. The company posted 65.2%/ 97.0% YoY de-growth in revenue/ Ebitda to Rs 1.1 billion/ Rs 13 million in Q1 FY21.
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PSP Projects reported loss of Rs 22 million versus profit of Rs 255 million (Q1 FY20). secondary business district revenue - Rs 456 million versus Rs 936 million (Q1 FY20).
The Company refrain from providing any guidance. Given its conservative strategy towards leverage and an efficient capital allocation, PSP Projects will continue to remain a net cash company, with negative net debt to equity of 0.4 times over FY20-22E.
PSP will continue to witness superior return ratios (average return on equity /return on capital employed of 21.8%/ 22.1% over FY20-22E), due to a strong profit after tax growth in FY22E, well-managed lean balance sheet and efficient working capital management.
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