201.3100 -2.92 (-1.43%)
NSE Jul 31, 2025 15:31 PM
Volume: 358.0K
 

201.31
-1.43%
Motilal Oswal
12 August 2020 Ashoka Buildcons (ASBL) 1QFY21 results were robust. Top line decline was limited to INR5.7b (18% above est.). On account of one-off items as well as release of contingencies, EBITDA and PAT came in well above expectations. A key surprise was the reduction in gross debt to INR2.4b (v/s INR4b at end- FY20), indicating strong focus on cash flow management. Strong execution over the past two years is commendable. However, the pending PE exit in the asset portfolio is an overhang on the stock. We have increased our FY21E EPS by 16%, but FY22E EPS remains broadly unchanged. Strong order book and continuous improvement in the balance sheet augurs well for ASBL. Maintain with revised TP of INR88. Revenue declined 35% to INR5.7b and was 18% above our expectations. EBITDA was down 25% YoY to INR819m (ahead of est.
Ashoka Buildcon Ltd. has an average target of 287.50 from 2 brokers.
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