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Dolat Capital Report
HG Infra Engineering Ltd.'s results beats estimates on all front.
The company reported 24.7%/ 22.9%/ 35.6% YoY growth in revenue/ Ebitda/profit after tax to Rs 9.2 billion/ Rs 1.5 billion/ Rs 889 million in Q3 FY22.
We marginally increase our revenue and accordingly Ebitda and adjusted profit after tax estimates by 4.0%/ 4.6% /11.0%/ for FY22E. However, we maintain our estimates for FY23E and FY24E.
HG Infra has received appointed date for all its projects (except Rs 49.1 billion five hybrid-annuity-model and 1one engineering, procurement and construction projects) and entire execution benefit will be realised in FY23E.
We expect 40.9%/ 11.7%/ 19.7% revenue growth for FY22E/ FY23E/ FY24E.
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