PSP Projects Q3 Results Review - Robust Order Book To Drive Growth: Axis Securities

"BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .Axis Securities Report.PSP Projects Ltd.'s Q3 FY23 numbers were below our expectations due to lower sales, an increase in construction expenses and a delay in getting approvals for Uttar Pradesh projects. The company reported revenue of Rs 500 crore (up 3% YoY), Ebitda of Rs 62 crore (down 19% YoY), and adjusted profit after tax of Rs 35 crore (down 30% YoY). It registered Ebitda margins of 12.4% in Q3 FY23 (our estimate: 12.5%) as against 15.6% in Q3 FY22. PSP Projects reported adjusted profit after tax margins of 7.1% in Q3 FY23 against 10.4% in Q3 FY22. The decrease in other income is due to the reversal of impairment charges worth Rs 2 crore to the company’s subsidiary. The order book break up is as follows: 34% from the government (Rs 1,704 crore), 18% from the government residential (Rs 936 crore), 11% from industrial (Rs 572 crore), 26% from institutional (Rs 1,299 crore), and 11% from residential (Rs 563 crore). Geography\u0002wise, out of the current executable projects, Gujarat constitutes 53%, UP 32%, Maharashtra 14%, and Rajasthan 0.5%..Click on the attachment to read the full report:.More Research Reports On PSP Projects' Q3 FY23 Results Review.Strong Order Book With Robust Bid Pipeline: Yes SecuritiesPoor Quarter; Execution To Pick Up From Q4: Dolat Capital.DISCLAIMERThis report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime..Users have no license to copy, modify, or distribute the content without permission of the Original Owner."

PSP Projects Q3 Results Review - Robust Order Book To Drive Growth: Axis Securities

PSP has a strong order book comprising both public, private sector projects, which implies revenue visibility for next 2-3 years.

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PSP Projects Q3 Results Review - Robust Order Book To Drive Growth: Axis Securities

PSP has a strong order book comprising both public, private sector projects, which implies revenue visibility for next 2-3 years.

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