*Dilip Buildcon Ltd.* | *CMP* Rs. 629 | *M Cap* Rs. 9197 Cr | *52 W H/L* 750/325
(Nirmal Bang Retail Research)
*Result below Expectation*
Revenue from Operations came at Rs. 2156.1 Cr (0.5% QoQ, 12% YoY) vs expectation of Rs. 2137.1 Cr, QoQ Rs. 2146.3 Cr, YoY Rs. 1925.2 Cr
Gross margin declined by 270bps QoQ and 610 bps YoY on account of increase in material cost
EBIDTA came at Rs. 227.7 Cr (-19.5% QoQ, -25.6% YoY) vs expectation of Rs. 309.8 Cr, QoQ Rs. 282.8 Cr, YoY Rs. 306 Cr
EBITDA Margin came at 10.6% vs expectation of 14.5%, QoQ 13.2%, YoY 15.9%
EBITDA margin declined on account of lower gross margin and delay in execution of projects
Adj. PAT came at Rs. -21.3 Cr vs expectation of Rs. 56.4 Cr, QoQ Rs. 27 Cr, YoY Rs. 47.3 Cr
Quarter EPS is Rs. -1.5
Share is trading at P/E of 12.6x FY23E EPS