- 26 May 2022
- ICICIdirect Research
ASHOKA BUILDCON POSTS WEAK PERFORMANCE WITH SHARP MARGIN DECLINE
ASHOKA - 277 Change: 15.94 (6.10 %)News: Ashoka Buildcon’s Q4FY22 result were a mixed bag. Its standalone revenue improved 12.4% YoY to | 1,559.2 crore. EBITDA margin declined to 10%, down 448 bps YoY. Consequently, EBITDA de-grew 22.3% on YoY basis to | 156.3 crore. Weak operating performance coupled with higher interest cost has translated into 13.6% YoY decline in PBT (to | 176.1 crore). At net level, PAT improved 26% YoY to | 188 crore aided by reversal of tax during Q4FY22.
Views: Ashoka’s order book at the end of Q3FY22 was at | 12,252 crore, with book to bill ratio of 2.7x on TTM basis. Additionally, the company has secured projects worth | 3,372 crore post Q3 FY22, strengthening its overall order book further. Going forward, future outlook, order inflow, progress on asset monetization and net debt remains key monitorable
Impact: Negative