Capacite Infraprojects Q4 Review - Healthy Operating Performance, Lean Balance Sheet: Prabhudas Lilladher

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Prabhudas Lilladher Report

Capacite Infraprojects Ltd. reported a good set of numbers with marginal miss on revenues, while margins surprised positively.

The company faced headwinds due to Covid-19 second wave in April-May 2021 across project sites, including its largest CIDCO project (worth Rs 45 billion) wherein sharp ramp-up stands deferred from earlier target of ~Rs 1 billion monthly run-rate by Q4 FY22E to revised target of ~Rs 0.7 billion.

However, labour availability is now improving and is expected to reach March 2021 levels in one month.

Liquidity position remains strong with lower debt levels (down Rs 0.9 billion in Q4), reduction in debtors (by Rs 1.1 billion in FY21) and healthy collections (Rs 4.1 billion in Q4).

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