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Axis Securities Report
During the quarter, road infrastructure companies under our coverage reported revenue/Ebitda/profit after tax growth of 0%/33%/40% YoY, against our expectation of 6%/0%/10% YoY.
The performance deviation was primarily due to soft execution and exceptional gains accounted for during the quarter by PNC Infratech and KNR Construction.
Ebitda margins improved by 570 bps QoQ and 270 bps YoY, driven by the exceptional gain reported. Adjusted for this gain, Ebitda margins aligned with our expectation of 14.5% during the quarter.
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