PSP Projects – Stable Cash Flow, Order Wins, Execution, Lean Balance Sheet Are Key Positives: IDBI Capital

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We met the management of PSP Projects Ltd. Company has maintained its FY23E guidance on revenue (at Rs 22 billion), Ebitda margin (11-13%) and order inflow (at Rs 22 billion).

After achieving 60% of order inflow target (including Rs 7.5 billion received post June-22), PSP Projects is eying incremental inflow from Nestle India Ltd., Maruti Suzuki India Ltd., central vista and DLF Ltd.

On slow moving order book, Bhiwandi project matter is in court and resolution deadline is extended to September (previously August). Precast is another growth area and on low base, revenue contribution is expected to increase to 20% of revenue in FY24E from 11% in FY23E.

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