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ICICI Securities Report
Project execution is limping back to normalcy as per expectations though there is a scare of further localised lockdowns and slowdown due to social distancing norms.
The lull in order intake continues, especially from the private sector while public sector ordering traction is gradually picking pace albeit at a slow pace.
Given the current fiscal conditions and urgency to get back the gross domestic product growth, we believe, the government will focus on large multilateral funded projects such as high-speed rail, metro, etc.
This can also aid in job creation and lend a fillip to the infrastructure segment, which was reeling under the lockdown.
We factor-in a revenue decline of 17.4% YoY in Q2 FY21E for our coverage universe, impacted largely by lockdown-related slowdown.
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