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Axis Securities Report
PSP Projects Ltd.'s Q2 FY23 numbers were below our expectations due to the seasonally challenging quarter, which was impacted by the monsoon and many projects being in the initial stage of execution.
The company reported revenue of Rs 360 crore (below expectation), down 8% YoY, Ebitda of Rs 39 crore (below expectation) down 28% YoY, and adjusted profit after tax of Rs 22 crore (below expectation), down 41% YoY.
It registered Ebitda margins of 11% in Q2 FY23 (our estimate: 13.2%) as against 14% in Q2 FY22. PSP Projects reported adjusted profit after tax margins of 6% in Q2 FY23 against 9.3% in Q2 FY22.
The increase in other income was due to the reversal of the impairment loan given to the subsidiary company.
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