Ashoka Buildcon Q3 Results Review - Growth Backed By A Diversified Portfolio: Nirmal Bang

NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Nirmal Bang Report.Overall Ashoka Buildcon Ltd.'s revenues (actual/estimate: Rs 21,335 million/ Rs 16,557 million) and Ebitda (act/estimate: Rs 1,765 million/ Rs 1,676 million) grew by ~37% YoY and ~36% YoY, respectively, despite higher operating expenses - ~36% YoY.Strong order book to the tune of Rs 132 billion (road hybrid annuity model: 9%, road engineering, procurement and construction: 34%, power transmission and distribution: 42%, railways: 9, and EPC – building and city gas distributors: 6%). It has placed a bid for Rs 130 billion more worth of projects. Our estimate is hoping that the projects will be awarded before the code of conduct is implemented.We are revisiting estimates after the site visit and interaction with Ashoka Buildcon to 'Buy' with a target price of Rs 218 based on a earning price of 6 times (assigned a higher multiple) on December 25E earning per share and built-operate-transfer/HAM projects on 0.7 times price/book basis.Click on the attachment to read the full report:.Govt To Reimpose Approved List For Solar Manufacturers From April 1.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Ashoka Buildcon Q3 Results Review - Growth Backed By A Diversified Portfolio: Nirmal Bang

The company holds a portfolio of 17 construction projects, with 11 HAM projects.

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