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IDBI Capital Report
PSP Projects Ltd Q2 FY23 (standalone) profit after tax came 42%/43% lower than our/consensus estimate.
Miss in the numbers is due to lower than expected revenue (Q2 FY23 revenue at -9% YoY) which was impacted by heavy rains and initial stage of construction.
Lower execution translated to a contracted Ebitda margin at 10.8% versus 14% YoY. However, PSP has maintained FY23E guidance for revenue growth of 20-25% with improved execution in H2 FY23.
Order inflow for H1 FY23 stood at Rs 15 billion and PSP has increased its inflow guidance to Rs 25 billion earlier it was Rs 22 billion.
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