Ashoka Buildcon Q4 Review - Order Wins Crucial Going Ahead: ICICI Securities

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ICICI Securities Report

Ashoka Buildcon Ltd.’s Q4 FY21 standalone engineering procurement and construction revenue was up 20% YoY and 41% QoQ to Rs 13.8 billion driven by improved execution across roads segment.

While the company’s order book of Rs 81 billion (1.8 times FY21 EPC revenue) remains healthy, incremental order wins and monetisation of build–operate–transfer road assets in Ashoka Concession Ltd. remain key triggers for the stock.

The company is targeting fresh order wins of Rs 40-50 billion in FY22E on the back of improved ordering outlook for road projects.

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