- 30 May 2024
- ICICI Securities
AHLUWALIA CONTRACTS – STRONG EXECUTION; MARGIN DISAPPOINTS
AHLUCONT - 923 Change: 19.00 (2.10 %)News: Ahluwalia report strong performance on execution front while margins disappointed. Revenue was up 34.8% YoY to ₹ 1164 crore. EBITDA margin, however, stood at 9% (down 382 bps YoY and 194 bps QoQ). Effectively, EBITDA at ₹ 104 crore, was down 5% YoY. At net level, reported PAT at ₹ 200 crore, up 176% YoY, aided by one off claims of ₹195 crore. Adjusted PAT was down 24% YoY at ₹ 55 crore. FY24 revenues at ₹ 3855 crore was up 35.8% YoY. Margins at 10.1%, was down 60 bps. Adj. PAT at ₹ 231 crore, was up 19% YoY. We await other details like order book.
Views: As on Q3FY24, order book at ₹ 11247 crore was robust with book to bill of 3.6x. Ahluwalia is a key beneficiary of the tailwinds in the segments such as real estate, hotels, hospitals, station redevelopment as well as corporate/industrial capex. Strong order book and robust exaction record will drive a healthy topline growth, while margin commentary will be key.
Impact: Neutral