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IDBI Capital Report
PSP Projects Ltd.'s Q4 FY23 profit after tax came 42%/29% lower than our/consensus estimate. Miss in the numbers is due to lower than expected execution (revenue) in Q4 FY23. And thus for FY23 revenue is 8-9% lower than guidance.
Historically, PSP Project's execution has been lumpy in nature. After strong YoY revenue increase in FY22 by 41%, FY23 revenue increased by 10%. This, PSP Projects is guiding to improve in FY24E with revenue guidance of Rs 27 billion (implying 40% uptick) and then an increase of 20% in FY25E.
Order inflow in FY23 was around 10% lower than guidance but company did close the year with highest ever order inflow of Rs 34 billion.
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