Ahluwalia Contracts: Strong Execution but Margin Disappointment
Ahluwalia's strong performance in execution is overshadowed by disappointing margins
Ahluwalia ContractsInfrastructureReal EstateHotelsHospitalsStation RedevelopmentCorporateindustrial CapexReal EstateMay 30, 2024
Despite the margin disappointment, the company's reported profit after tax (PAT) has surged 176% YoY to ₹ 200 crore, aided by one-off claims of ₹ 195 crore. However, the adjusted PAT has taken a hit, down 24% YoY to ₹ 55 crore.
For the full year, Ahluwalia Contracts has reported a revenue growth of 35.8% YoY to ₹ 3855 crore, with margins at 10.1%, down 60 bps. Adjusted PAT has grown 19% YoY to ₹ 231 crore.
The company's order book remains robust, standing at ₹ 11247 crore as of Q3FY24, with a book-to-bill ratio of 3.6x. Ahluwalia Contracts is well-positioned to benefit from the tailwinds in various sectors such as real estate, hotels, hospitals, station redevelopment, as well as corporate/industrial capital expenditure.
Strong order book and execution record will drive a healthy topline growth, while margin commentary will be key.
Ahluwalia Contracts is a leading infrastructure company in India, with a strong presence in the construction and development of real estate, hotels, hospitals, and other infrastructure projects.
ICICI Securities is a leading financial services company in India, providing a range of financial products and services to its clients. The company's research team provides insights and analysis on various sectors and companies, helping investors make informed decisions.
Frequently Asked Questions
What was Ahluwalia Contracts' revenue growth in Q3FY24?
Revenue grew 34 8% YoY to ₹ 1164 crore
What was the EBITDA margin of Ahluwalia Contracts in Q3FY24?
The EBITDA margin stood at 9% down 382 bps YoY and 194 bps QoQ
What is Ahluwalia Contracts' order book size as of Q3FY24?
The order book size stood at ₹ 11247 crore with a book-to-bill ratio of 3 6x
Which sectors will drive Ahluwalia Contracts' growth?
Ahluwalia Contracts will benefit from growth in real estate hotels hospitals station redevelopment as well as corporate/industrial capital expenditure
What is the adjusted PAT growth of Ahluwalia Contracts in Q3FY24?
Adjusted PAT declined 24% YoY to ₹ 55 crore
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