Dilip Buildcon Ltd.

NSE: DBL | BSE: 540047 | ISIN: INE917M01012 |Industry: Roads & Highways
|Mid-range Performer
331.65 6.60 (2.03%)
NSE Oct 21, 2020 13:19 PM
Volume: 72,368

Dilip Buildcon Ltd.    
15 Aug 2020
HDFC Securities
City Union Bank: CUBK's 1QFY21 earnings were ahead of our estimates on account of lower-than-expected operating expenditure and higher-than-expected treasury gains. Expectedly, sequential balance sheet growth was negligible. The sharp reduction in the proportion of the portfolio under moratorium to just ~12.5% was heartening, and the bank's performance on this front is significantly better than that of its peers, despite its high share of SME loans. We maintain a BUY with a target price of Rs 164 (2.1x FY22E ABV). Our assigned multiple reflects the bank's (1) strong PPOP profile and capital position, which are capable of absorbing shocks, and (2) consistent performance across most parameters. It remains our preferred pick amongst the mid-tier banks. Dilip Buildcon: Dilip Buildcon (DBL) reported 1QFY21 APAT at Rs 336mn (73%/71% YoY/QoQ), marginally behind our estimate, as revenue declined by 16%/23% YoY/QoQ. However, execution was 9% ahead of our estimate as labour availability improved to 90%. CFO during the quarter was negative at Rs 2bn as NWC days increased to 114 days from 93 days at FY20 end. Net D/E also increased from 0.8x on Mar-20 to 0.92x on Jun-20. Nonetheless, despite muted ordering in the sector, the company has won orders of Rs 107bn till date in FY21. We maintain BUY on DBL, with a target price of Rs 466/sh, given its (1) strong and diversified order book of Rs 261bn and (2) continued focus on asset recycling. We have valued EPC business at 8x FY22E EPS and HAM at 1x P/BV. Deccan Cements: Deccan Cement's (DECM) 1QFY21 volume...
1 Comment
kushkanodia the target is for Shriram transport and not Dilip Buildcon. Pls correct.
14 Sep 2020  Like
Dilip Buildcon Ltd. has gained 21.82% in the last 6 Months
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