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Dolat Capital Report
Dilip Buildcon Ltd. reported revenue and adjusted profit after tax above estimates however, Ebitda margin marginally below estimates.
The company posted 17.0%/ 10.6%/ 15.6% YoY growth in revenue/ Ebitda/ adjusted profit after tax to Rs 29.2 billion/ Rs 4.6 billion/ Rs 1.3 billion in Q4 FY21.
We broadly maintain our revenue estimates for FY22E/ FY23E and reduce Ebitda margin estimates by 70 basis points/ 60 basis points for FY22E/ FY23E penciling higher input cost.
However, we upgrade adjusted profit after tax estimates by 7%/ 18.9% in FY22E/ FY23E primarily led by reduction in finance cost due to debt reduction.
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