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IDBI Capital Report
Dilip Buildcon Ltd.'s Q4 FY22 Ebitda missed our/ consensus estimates by 22%/ 10%.
Weak Q4 is led by decline in the revenue by 14% YoY and Ebitda margin of 10% versus 16% YoY. Margins were lower due to execution of legacy projects which do not have price escalation clause.
Dilip Buildcon has guided margin improvement from H2 FY23 as Rs 7 billion worth of low margin project is still pending.
We revised our profit after tax estimate lower by 12% for FY24E. On positive side, in FY22 order inflow was Rs 78 billion and order book at Rs 256 billion provides visibility at 2.8 times FY22 revenue.
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