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Yes Securities Report
ITD Cementation Ltd. reported a mixed set of numbers, with a strong 33% YoY revenue growth at Rs 11 billion led by robust execution. Ebitda margins remained under pressure owing to elevated commodity prices and low margin Bangalore metro project.
Order inflow came it at all time high of Rs 60 billion in Q1 taking the order book to Rs 206 billion providing revenue visibility for next four-five years.
The order book is well-diversified, providing a natural hedge from a slowdown in any particular business segment. With strong order book position, healthy bid pipeline (Rs 80 billion) and improved liquidity position, ITD Cementation's management has maintained its guidance of 20-25% revenue growth in FY23E.
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