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Prabhudas Lilladher Report
ITD Cementation India Ltd. reported strong set of numbers as revenues (up 33% YoY) marginally missed estimates while margins surprised positively.
However, due to the second wave of Covid-19, execution at project sites have dipped by ~15% in April-May 2021.
The company witnessed improved liquidity position as it reduced gross debt by ~Rs 1.4 billion in Q4 taking net debt-equity to 0.2 times.
With strong order book position, healthy bid pipeline (Rs 880 billion) and improved liquidity position on one hand and headwinds due to second wave of Covid-19 on the other, management guided for conservative 15-20% revenue growth in FY22E.
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