Ahluwalia Contracts Q4 Review – Robust Quarter, Fair Valuation: Dolat Capital

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Ahluwalia Contracts India Ltd. reported results above estimates on all fronts.

This quarter was the highest ever revenue and Ebitda for the company.

The company posted 38.7%/ 204.1%/ 507.4% YoY growth in revenue/Ebitda/adjusted profit after tax to Rs 7.6 billion/Rs 698 million/Rs 371 million in Q4 FY21.

We increase our revenue and Ebitda margin estimates by 8.3%/8.3% and 99 basis points/103 basis points for FY22E/FY23E factoring FY21 results.

Accordingly, we increase adjusted profit after tax estimates by 26.0%/24.9% for FY22E/FY23E.

We estimate 15.0%/58.7% revenue/adjusted profit after tax compound annual growth rate over FY21-23E.

Click on the attachment to read the full report:

Dolat Capital Ahluwalia Contracts Q4FY21 Result Update.pdf


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