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Axis Securities Report
PSP Projects Ltd.'s Q1 FY23 numbers were below our expectations. The company reported revenue of Rs 348 crore (below expectation), up 10% YoY, Ebitda of Rs 48 crore (below expectation) up 22% YoY, and adjusted profit after tax of Rs 29 crore (below expectation), up 17% YoY.
It registered Ebitda margins of 13.8% in Q1 FY23 (our estimate: 13.3%) as against 12.4% in Q4 FY21. PSP Projects reported adjusted profit after tax margins of 8.3% in Q1 FY23 against 7.8% in Q1 FY22.
As of March 31, 2022, PSP Projects has an order book of Rs 4,613 crore, comprising both public and private sector projects, which implies revenue visibility for the next two-three years. With a robust bidding pipeline, we believe the company is well-placed to capture growth opportunities in the sector.
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