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HDFC Securities Report
Capacite Infraprojects Ltd. reported broadly in-line Q1 FY21 performance. The good part is that the worst is over as we foresee MoM/QoQ execution ramp-up.
The Company is well-placed for cyclical recovery on the back of robust order backlog (7 times FY20 revenue). Management allayed liquidity concerns with no plans of equity fund raise and likely reduction in debt as execution and collections improve.
The order book is well balanced between public/private at 55:45. Balance sheet is stable, labour availability has improved to approximately 45%, and all sites have restarted.
Capacite Infraprojects has received further Rs 1.1 billion of City and Industrial Development Corporation of Maharashtra (CIDCO) project advance, implying project remains on track (43% of order book).
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