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J Kumar Infra Q1 Review - Strong Execution With Stellar Margins: Yes Securities

J Kumar Infra Q1 Review - Strong Execution With Stellar Margins: Yes Securities

<div class="paragraphs"><p>Underground Metro Project carried out by J Kumar Infraprojects Ltd. (Source: Company website)</p></div>
Underground Metro Project carried out by J Kumar Infraprojects Ltd. (Source: Company website)

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Yes Securities Report

J Kumar Infraprojects Ltd. reported strong revenue growth of 47.2% YoY in Q1 FY23 led by healthy execution in its key metro and non-metro projects. Adjusted profit after tax came in at Rs 619 million (our estimate: Rs 442 million), up 40% YoY, led by strong execution and better operational margins.

J Kumar has already submitted request for quotations for the Goregoan-Mulund link road and plans to bid for projects worth Rs 300 billion in FY23E. Consequently, it expects order inflow of Rs 50 billion in FY23E of which 27% worth orders achieved in Q1 FY23.

Order book stands robust at Rs 121 billion (3.1 times its trailing revenues) providing strong revenue visibility of next two-three years. Given the robust ordering pipeline management continues to maintain its revenue guidance of Rs 40 billion with Ebitda margin of 14-15% range for FY23E.

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Yes Securities J Kumar Infraprojects Q1FY23.pdf

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