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HDFC Securities Report
Ahluwalia Contracts India Ltd. surprised positively on execution front (approximately 5 times our estimate), despite the shortage of labour and considerable restriction on operation in projects within city limits, as it focused on off-site execution.
While revenue declined by 38/55% YoY/QoQ, adjusted profit after tax declined by 78%/50% YoY/QoQ.
Labour availability has improved to 40% from 20% at one point of time during the lockdown.
Besides, the company won new orders worth Rs 3 billion during the quarter, taking the order book to Rs 75 billion.
Gross debt decreased to Rs 430 million from Rs 520 million at FY20 end. With cash balance at Rs 1.8 billion, Ahluwalia Contracts remains a net cash company.
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