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Nirmal Bang Report
FY24 saw a slowdown in construction sector project awards due to policy guidelines and general elections impacting awarding until March 2024 (3,000 km versus 6,003 km in FY23).
Low project awarding has impacted order inflows for road construction companies. However, we expect awarding activity to strongly pick up post general elections.
Construction industry is expected to maintain buoyancy, driven by:
Bharatmala and Sagarmala Pariyojana,
Atal Mission for Rejuvenation and Urban Transformation,
Jal Jeevan Mission,
PM Gati Shaki Plan and
The government's spending on infrastructure development.
Easing of raw material and commodity costs to improve margins YoY in Q4 FY24.
Key focus of companies will remain on orderbook diversification in Nonroad segments.
Enhanced execution capabilities by companies will support Revenue/Ebitda/profit after tax growth of 8.6%/15.6%/14.7% YoY for our coverage universe.
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