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Dolat Capital Report
HG Infra Engineering Ltd.'s results broadly in line, however adjusted profit after tax above estimates.
The company reported up 16.9%/ up 9.4%/ up 9.8% YoY growth in revenue/ Ebitda/adjusted profit after tax to Rs 10.7 billion/ Rs 1.6 billion/ Rs 976 million in Q1 FY23.
We maintain our estimates for FY23E/ FY24E.
HG Infra is expected to receive appointed date for two hybrid-annuity-model (Rs 10.7 billion)/ one engineering, procurement and construction (Rs 8.4 billion) projects by August-November 2022. Thus entire execution benefits to start flowing from FY23E.
We expect 25.0% (less than guidance of 38%)/ 26.5% (Rs 57.2 billion versus guidance of Rs 60 billion) revenue growth for FY23E/ FY24E.
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