PSP Projects Q3 Results Review - Strong Order Book With Robust Bid Pipeline: Yes Securities

Yes Securities Report

PSP Projects Ltd.'s Q3 performance was subdued with marginal revenue growth of 2.4% YoY (on account of higher base) to Rs 5 billion however margins were inline with the consensus.

Company has bagged highest ever order inflow of Rs 32.9 billion till date surpassing FY23E guidance. The entire orderbook of Rs 50.8 billion as on Q3 (excluding Bhiwandi and Pandharpurforming 16% of order book) is under execution.

Current bid pipeline stands at Rs 45 billion, of which 70% orders are from Gujarat and 60% are private. FY24E revenue guidance stands at Rs 26‐27 billion, with margin of 12‐12.5% and an order inflow of Rs 30 billion.

Key positives in PSP Projects are its execution ability with stable cash flow, consistent order win in the building construction segment and lean balance sheet for growth.

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