HG Infra - A Play On Thriving Road Segment: ICICI Direct Initiates Coverage 

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ICICI Direct Report

HG Infra Engineering Ltd., in a span of 18 years, has successfully emerged as an efficient road contractor led by the expertise gained over time to execute large-ticket road projects.

Additionally, its scaled-up prequalification, expansion in different geographies and decision to bag engineering procurement and construction/hybrid annuity model projects selectively has resulted into robust topline, bottomline growth (32.5%, 78.9% compound annual growth rate over FY16-20, respectively).

Going forward, it is well on track to achieve healthy 17.8%, 20.5% revenue, profit after tax CAGR, respectively, in FY21-23E given remarkable execution track record, strong order book-to-sales ratio and likely continued momentum in road sector.

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