News: HG Infra Standalone revenue was up 15.6% YoY to ₹ 869.5 crore. EBITDA margin stood at 15.5% (down 60 bps YoY), as base quarter had better project mix. It witnessed 4% YoY decline in PAT to ₹ 61.7 crore due to higher depreciation and interest .
Views: The performance during the quarter was mixed bag. The company’s order book as on Q1FY24 stood at ₹ 11675 crore, 2.5x book to bill. It is looking for inflows worth ₹ 8000-9000 crore in FY24 (to maintain book to bill above ~2.5x), driven by a strong order pipeline in roads segment and growing opportunities in the other infrastructure verticals such as railways, and water supply. The company is well placed with monetisation done and execution likely to improve drastically ahead. Key will management commentary.
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