Dilip Buildcon - Stable Q3, Fair Valuation: Dolat Capital

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Dolat Capital Report

Dilip Buildcon Ltd. reported results broadly in line with estimates.

The company posted 3.6%/ -3.1%/ -9.7% YoY growth in revenue/Ebitda/adjusted profit after tax to Rs 24.7 billion/Rs 4.1 billion/Rs 1.1 billion in Q3 FY21.

We maintain our revenue and Ebitda margin estimates for FY21E factoring nine months FY21 results. However, we factor lower depreciation thus accordingly upgrade adjusted profit after tax estimates by 17.4% for FY21E.

We broadly maintain our FY22E/FY23E estimates.

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