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Ahluwalia Contracts Q2 Results Review


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Ahluwalia Contracts India Ltd. reported weak revenue/Ebitda/adjusted profit after tax of 6.2/0.6/0.4 billion, missing at all levels.

The company expects topline to grow by 10‐15% YoY in FY23E, with Ebitda margin (including other income) in the range of 12%‐ 13%. Margins are expected to improve from H2 FY23E with softening of commodity prices, pickup in execution of new projects.

During H1, Ahluwalia Contracts has bagged projects worth Rs 32 billion taking order book to Rs 76 billion thereby giving revenue visibility of next two‐three years. Further with strong tender pipeline of Rs 50 billion already bided / planning to bid, management expects additional orders worth Rs 10‐15 billion in H2 FY23E.

Going forward management plans to increase the share in private sector from 18% in Q2.

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