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Dilip Buildcon Q1 Review – Pressure On Working Capital, Debt Continues: Dolat Capital

BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Dilip Buildcon Ltd. reported revenue and adjusted profit after tax above estimates, however Ebitda and Ebitda margin lower estimates.

The company posted up 22.1%/ down 27.4% YoY growth in revenue/ Ebitda to Rs 26.2 billion/ Rs 2.1 billion in Q1 FY23. Adjusted net loss stood at Rs 10 million in Q1 FY23 versus Rs 300 million (Q1 FY22).

We broadly maintain our estimates for FY23E/ FY24E. We expect Dilip Buildcon’s revenue/ Ebitda to grow at compound annual growth rate of 10.2/ 37.3% over FY22-24E.

Gross debt reduced by only Rs 1.67 billion since FY21 to Rs 32.3 billion (Q1 FY23) despite Rs 5.1 billion QIP in April 2021 up Rs 7 billion infusion by 100% newly created subsidiary Dilip Buildcon Infra as working capital increased by Rs 7.2 billion.

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