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HDFC Securities Report
Ahluwalia Contracts (India) Ltd. surprised positively on execution front (1.5x HDFC Securities' estimate), despite the shortage of labour and restriction on operation in projects within city limits, as it focused on off-site execution.
Labour availability has improved from ~60% to ~80% QoQ.
Ahluwalia Contracts won new orders worth Rs 12.4b billion FY TD21, taking the order book to Rs 82 billion (Rs 75 billion as on Q2 FY21).
Gross debt increased marginally to Rs 440 million from Rs 430 million QoQ.
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