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Axis Securities Report
During the quarter, companies under our coverage reported revenue growth of 3% and Ebitda/adjusted profit after tax de-growth of 6%/9% against our expectation of 13%/9%9% YoY, primarily owing to under-performance of GR Infraprojects Ltd. and HG Infra Engineering Ltd.
On a sequential basis, Ebitda margins declined by 30 basis points /50 bps QoQ/YoY. Overall performance remained below our expectations during the quarter.
KNR Construction Ltd. and PNC Infratech Ltd. contributed positively on Revenue /Ebitda /APAT fronts and their performances were largely in line with our expectations.
GR Infraprojects performance was below our expectations on all counts, which impacted the overall performance. Moreover, HG Infra also reported underperformance during the quarter.
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