ASHOKA BUILDCON (IN), a company active in the Building Materials & Fixtures industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 2 out of 4 stars, as well as its unchanged, moderately risky market behaviour. The title leverages a more favourable environment and raises its general evaluation to Slightly Positive. As of the analysis date November 12, 2021, the closing price was INR 108.4...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Q3FY20 result highlights Revenue in Q3FY20 declined by 7.7% yoy to Rs9.8bn (vs our estimate of Rs12.5bn) due to delay in receiving appointed date and prolonged monsoon. Note that Ashoka Buildcon Limited (ABL) was awarded Bundelkhand Expressway of Rs10.7bn in Q3FY20 (execution started). EBITDA margin in Q3FY20 came in at 12.6% (-132bps yoy). As a result, EBITDA declined by 16% yoy to Rs1.2bn (our estimate of Rs1.6bn). ABL’s adjusted PAT came in at Rs856m, a decline of 16% yoy primarily due t...
ASHOKA BUILDCON: Other income leads earnings surprise, order inflow healthy (ASBL IN, Mkt Cap USD0.4b, CMP INR104, TP INR150, 44% Upside, Buy) Slight miss in operating performance; order book accretion welcome After many quarters of outperformance, Ashoka Buildcon's (ASBL) 3QFY20 operating performance was weak with revenue declining 8% YoY. While EBITDA was 6% below est., high other income led to earnings surprise by 8%. Including L1 orders, order book stands at INR95.5b with OB/Rev rat...
Q2FY20 result highlights Ashoka Buildcon (ABL) reported steady revenue of Rs8bn in Q2FY20, +8% yoy below our estimates of Rs8.4bn. The execution was slow on account of unprecedented rains. Note that ABL has received appointment date for four HAM projects. EBITDA margin came in at 14.9% (+138 bps yoy) higher on account of higher margin on projects nearing completion (than earlier estimates). As a result, EBITDA grew by 18.5% yoy to Rs1.2bn in Q2FY20, ahead of our estimate of Rs1.1bn led by be...
ASHOKA BUILDCON: Catalysts emerging; concerns appear overdone (ASBL IN, Mkt Cap USD0.4b, CMP INR102, TP INR150, 47% Upside, Buy) In this note, we look at the key concerns related to Ashoka Buildcon (ASBL), which have been impacting the stock performance despite superior execution demonstrated by the company over the past two years. Revenue visibility improves with recent order wins, appointed dates: A key concern about ASBL has been the sharp depletion of its order book owing to superior ex...
Q1FY20 result highlights Ashoka Buildcon (ABL) reported a robust execution of Rs8.8bn in Q1FY20, +28% yoy ahead of our estimates of Rs8.1bn. The execution picked up with appointment date being received for five projects. EBITDA grew by 35% yoy to Rs1.1bn in Q1FY20, ahead of our estimate of Rs946m led by better execution. EBITDA Margin was 12.5% for Q1FY20 (vs 11.9% in Q1FY19) However, Tax rate was high at 33% compared to 26% in Q1FY19 on account of depletion of EPC projects which can avail...
ASHOKA BUILDCON: Revenue growth strongest among peers; debt reduction – a positive surprise (ASBL IN, Mkt Cap USD0.5b, CMP INR119, TP INR175, 47% Upside, Buy) Strong performance in a challenging environment: Revenue grew 30% YoY in 1QFY20, which is commendable in a challenging operating environment (liquidity crunch and slowdown amid the election period of around two months). We note that ASBL's revenue growth was strongest among our coverage universe companies. The key positive surprise ...
Q4FY19 result highlights Ashoka Buildcon (ABL) reported a robust execution of Rs13.1bn, +86% yoy growth sharply above our estimates of Rs9.5bn. FY19 revenue was Rs38.2bn, + 56% yoy growth. EBITDA grew by 125% yoy to Rs1.8bn in Q4FY19, sharply ahead our estimate of Rs1.2bn led by rise in execution. EBITDA Margin was 13.9% for Q4FY19 and 13.5% for FY19 Tax rate was high at 33% compared to 9.3% in Q4FY18 on account of absence of EPC projects which can avail 80IA tax benefits. Also, other inco...
Ashoka Buildcon: Beat on all fronts supported by robust execution of projects (ASBL IN, Mkt Cap USD0.5b, CMP INR128, TP INR175, 36% Upside, Buy) Better-than-expected execution drives operational beat: 4QFY19 standalone revenues grew 86% YoY to INR13.1b (our est. INR9.6b); sales were supported by better-than-estimated execution of projects in hand. EBIDTA grew 125% YoY to INR1.8b (our est. INR1.2b), with margins improving 240bp to 13.9% from 11.5% in the year-ago period. Reported profit de...
Q3FY19 result highlights Ashoka Buildcon’s (ABL) Q3FY19 performance was better than our estimates led by strong execution and higher margins. Adjusted PAT grew by 117% yoy to Rs1bn (est: Rs615m). However, reported PAT growth was lower at 32.3% yoy to Rs622m due to provision of Rs398m for outstanding exposure of Rs806m towards GVR Infra which is under NCLT. Revenue grew 61.6% yoy to Rs10.7bn (est: Rs8.2bn) due to incremental revenues from execution of the Vadodara-Kim HAM project as well as i...
Ashoka buildcon: Beat on all fronts supported by robust execution of in hand projects (ASBL IN, Mkt Cap USD0.5b, CMP INR124, TP INR175, 41% Upside, Buy) Better-than-expected execution drives operational beat: ASBL’s standalone revenue grew 62% YoY to INR10.7b in 3QFY19, beating our estimate of INR8.6b. Sales were supported by better-than-estimated execution of projects in hand. Construction revenue grow 66% YoY supported by strong growth in the power T&D segment (+94% YoY to INR2.5b). EBI...
Ashoka Buildcon: Beat on all fronts supported by robust execution (ASBL IN, Mkt Cap USD0.5b, CMP INR124, TP INR175, 42% Upside, Buy) Better-than-expected execution drives operational beat: Standalone revenue grew 102% YoY to INR7.6b in 2QFY19, ahead of our estimate of INR4.3b. Sales were supported by better-than-estimated execution of projects in hand. Construction revenue grow 111% YoY supported by strong growth in the power T&D segment (+152% YoY to INR3.3b). EBIDTA grew 127% YoY to INR...
ASHOKA BUILDCON: Satisfactory progress on HAM projects; EPC business to register 36% CAGR over FY18-20E (ASBL IN, Mkt Cap USD0.4b, CMP INR111, TP INR160, 45% Upside, Buy) EPC business on track to deliver 30% growth for FY19: Ashoka Buildcon’s engineering procurement construction (EPC) execution has seen a muted start in FY19 (revenue decline of 3% YoY in 1QFY19), given the early onset of monsoons and lower availability of projects for execution. Ashoka Buildcon (ABL); however, is maintain...
Q1FY19 result highlights Ashoka Buildcon’s (ABL) Q1FY19 performance was operationally weak as against estimate due to lower EPC revenue. However, PAT grew 12.2%yoy to Rs639m (est: Rs597m) led by higher than expected other income. Revenue declined 3.5%yoy to Rs6.8bn (est: Rs7.6bn) due to completion of the older EPC projects in Q4FY18 and with newer EPC/HAM projects yet to contribute materially to the revenue. EBITDA declined 12.3%yoy to Rs813m and was below estimate of Rs935m mainly due to...
According to the sectoral deployment of credit, sector loans have grown 10.4% yoy , 4.3% qoq and declined 1.4% mom as at end April. Non-food credit grew 10.7% yoy compared to 8.4% yoy in Mar-18. While the yoy growth has picked up on a low base, m-o-m, loans have declined. The monthly drop is because of a strong growth in March led by loans to NBFCs that grew 27% mom, large corporate loans that grew 3% and priority MSME at 9%. As April has traditionally been a lean month, demand from all these se...
Ashoka Buildcon: Operational performance below expectations due to weak execution (asbl IN, Mkt Cap USD0.7b, CMP INR254, TP INR290, 15% Upside, Buy) Execution pick-up in EPC biz supports revenue growth: Standalone revenue grew 15% YoY to INR7.0b in 4QFY18, below our estimate of INR7.3b. Sales growth was driven by robust execution of orders in hand. EBIDTA grew by a robust 27% YoY, but came in below our estimate of INR1.0b. Operating margin stood at 11.5% (+110bp YoY). PAT rose 61% YoY to ...
A director at Ashoka Buildcon Limited bought 72,298 shares at 275.790INR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last tw...
Q3FY18 result highlights Ashoka Buildcon (ABL) posted strong Q3FY18 earnings of Rs520m (est: Rs417m) up 21.8%yoy, led by higher revenue and higher other income. Standalone revenue grew 25.7%yoy to Rs6.6bn (est: Rs6.2bn) led by strong execution from the Eastern Peripheral Expressway (Rs1.3bn). The company expects ramp-up in execution from Ranastalam-Anandpuram HAM and Jharkhand-Chaas EPC projects in Q4FY18. EBITDA grew 28.3%yoy to Rs796m (est: Rs758m) and EBITDA margin grew 25bp yoy to 12.1%...
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