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J. Kumar Infraprojects Ltd. posted strong set of numbers beating our estimates led by stellar execution in its under‐construction projects along with EBITDAM of 14.3%.
The company bagged two EPC projects worth Rs 20.3bn taking its order inflows to Rs 36.8bn for FY22. Order book stands robust at Rs 119.4bn (3.4x its trailing revenues) providing strong visibility of next 2‐3 years. Given the robust ordering pipeline management expects order inflows of Rs50bn (already bagged Rs 11bn) in FY23E.
On the back of recovery in economic activity, pick up in execution and massive bid pipeline, management guided for revenue growth of 12‐15% growth in FY23E with EBITDA margin of 14‐15% range.
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