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HDFC Securities Report
HG Infra Engineering Ltd. reported revenue at Rs 3 billion (7% miss).
However, adjusted profit after tax was nearly three times our estimate on better than expected Ebitda margin and lower interest expense.
Labour availability has improved to 85% of the required labour force. While HG Infra did not secure any orders during the quarter, it aims to win Rs 30-40 billion during FY21.
Order backlog is robust at Rs 68 billion (3.1times FY20 revenue). Standalone net debt increased to Rs 2.7 billion from Rs 2.5 billion on March 2020 as working capital nearly doubled to Rs 1.4 billion from Rs 0.7 billion on March 2020.
Realization of receivables from Rajasthan project key for reduction in debt.
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