Ahluwalia Contracts Q1 Review – Robust Order Inflow Leads To Higher Growth In FY24E: Dolat Capital


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Ahluwalia Contracts India Ltd. reported revenue and Ebitda below estimates, however Ebitda margin and adjusted profit after tax in line.

The company posted +5.0%/ +0.3% YoY growth in revenue/ Ebitda to Rs 6.1 billion/ Rs 606 million in Q1 FY23. Ebitda margin down 47 basis points YoY to 9.9% due to higher raw material cost and construction expenses which was partially offset by lower sub-contracting cost, employee cost and other expenses.

Adjusted profit after tax grew 8.6% YoY to Rs 378 million.

Ahluwalia Contracts received fresh orders worth Rs 12.7 billion/ Rs 36.5 billion (including level one in two projects worth – 1. Rs 7.2 billion Tata memorial cancer hospital in Mumbai 2. Rs 700 million Mandale Depo) during FY22/ year-to-date-FY23.

It has strong bid pipeline of Rs 50 billion (30% private and 70% is split between 70-80%/ 20-30% in Central Government/ State Government).

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