Q2FY22 Result Update - Growth to sustain for long on strong activity as visible in robust order book and pipeline - BUY
(+50% YoY), led by order win in Oil & Gas, Metros, Rural Water Supply, Minerals, Metal and Power T&D.; But delay was observed in order finalization. Order book (OB) stands strong at Rs3.3trn (2.2x TTM revenue), of which domestic stands at Rs2.5trn (Central - 10%, State- 33%, PSU 42% and Private 15%). Management indicated tender pipeline remains strong at Rs6.83trn, largely from Infra (Rs5.29trn) and Hydrocarbon (Rs1.2trn). NWC as % to sales improved to 22% from 22.9%/26.2% in Q1FY22/Q2FY21, mainly due to strong focus on collection. Given the strong order backlog and tender pipeline,...