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News: Standalone revenue during Q3FY23 witnessed muted growth of 2.4% YoY to Rs 497.8 crore (vs. I-direct estimate of Rs 608 crore; ~25% YoY growth) possibly impacted by slowed down execution in certain projects in UP owing to delay in approvals. EBITDA margin was at 12.4% (down 290 bps YoY as base quarter had some completion led benefits) – largely in line with I-direct estimated EBITDA margin of 12.7%. At the PAT level, a subdued operating performance coupled with higher interest cost translated into 24.8% YoY decline in PAT (to Rs 35.3 crore)
Views: PSP Projects reported a subdued performance during Q3FY23. We highlight that we have a positive outlook on the company given its healthy order book position with expected ramp-up in execution, going ahead. The management, despite execution miss, remains upbeat on Q4 and has guided for | 900 crore revenue in Q4 with a pick-up in execution and strong order book
Impact: Negative