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Axis Securities Report
During the quarter, road infrastructure companies under our coverage reported revenue/ Ebitda/profit after tax growth of 14%/40%/223% YoY against our expectation of 11%/8%/8% YoY, primarily owing to better execution and exceptional gain accounted during the quarter by GR Infra, PNC Infratech, and KNR Construction.
Ebitda margins improved by 410 bps/310 bps QoQ/YoY. Overall performance remained above expectations during the quarter.
In the road sector, performance of most of the companies were in line or above our expectations. On the sales front, HG Infra sales were below expectation while margins were above expectations.
In the non-road sector, KEC performed better on the sales front while margins were below expectations. RITES performance were above expectation while PSP Projects and Ahluwalia contracts performance were below expectation owing to lower margin during the quarter.
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