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HDFC Securities Report
As expected PSP Projects Ltd.'s Q1 FY21 was a washout with in-line revenue of Rs 1.07 billion (6.1% beat).
Sites across Gujarat, Karnataka, Rajasthan and Uttar Pradesh remain operational. Labour availability has gradually ramped up from approximately 20-25% levels to approximately 70-75% across these states.
In Maharashtra, which constitutes approximately 25% the order book, sites remain shut till date. At present, finishing works are progressing well, with more intensive reinforced cement concrete structural works on hold till labour strength returns to normalcy.
Revenue/Ebitda/adjusted profit after tax of Rs 1,069/13/22 million versus our estimates of Rs 1007/58/19 million.
Due to revenue degrowth of 65/77% YoY/QoQ, Ebitda margin slumped by 1,268 basis points to 1.2%.
Company does not expect monsoon to impact work on Surat Diamond Bourse project as large part of exterior work is done and is hopeful of finishing it on time with revised timeline of April 2021 (December 2020 pre-Covid).
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