Dilip Buildcon Q3 Results Review

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Dilip Buildcon Ltd.’s Q3 FY23 Ebitda was lower than our estimates by 39%.

Numbers are lower than our expectation as we were expecting QoQ improvement in Ebitda margin. However, Dilip Buildcon reported Ebitda margins at 10.5% versus 11.6% QoQ.

Company has reduced its Ebitda margin guidance for FY23E to 11% versus 12% earlier but maintain revenue estimate for FY23E.

Order book stands at Rs 265 billion; contribution from roads/ metro/ irrigation/ water/ tunnel/ mining/ bridges stood at 39%/ 6%/ 14%/ 12%/ 8%/ 17%/ 3%.

Order inflow for the quarter was nil but for Q4 FY23 company received orders worth Rs 33 billion, and till date order inflow stands at Rs 101 billion. More than 50% of order inflow is from sector other than roads. Dilip Buildcon is targeting order inflow of Rs 130-140 bn for FY23E.

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