Dilip Buildcon Ltd's Q2FY19 standalone net profit declines 30.7% yoy to Rs80.20cr : Misses Estimates

The company’s standalone revenue stood at Rs1,636.50cr, up 3.26% yoy.

Nov 13, 2018 01:11 IST India Infoline Research Team

Dilip Buildcon Ltd Q2FY19

Standalone Results Q2FY19: (Rs. in cr)

Q2FY19 YoY (%)
Revenue 1,636.50 3.3
EBITDA 294.30 2.1
EBITDA Margin (%) 18 [22]
Net Profit  80.20 [30.7]
***EBITDA margin change is bps

Dilip Buildcon's Q2FY19 results missed the estimates. Revenue grew by 3.3% yoy to Rs1,636.5cr against Rs1,584.9cr in Q2FY18, missing the estimate of Rs2,056cr. Increase in revenue is primarily on account of conversion of order book through superior execution. EBITDA for the quarter grew by 2% yoy to Rs294.3cr against Rs288.4cr in Q2FY18. EBITDA margin declined by 22bps yoy to 18%. Net profit for the quarter declined by 30.7% yoy to Rs80.2cr against Rs115.8cr in corresponding quarter last year, missing the estimate of Rs134cr. The reason for the decrease in profits were mainly due to the unavailability of benefit of Sec 80-IA as per Income Tax Act, 1961 on most of the projects.

• The net order book as on September 30, 2018 stands at Rs23,935cr (excluding GST), 88.4% of the order book is constituted by roads, highways and bridges project. Urban development projects contribute 0.4% and Mining contributes 11.3%.
• 91% of the order book is from the Central Government and 9% of the order book is from the State Governments.
• Net Working Capital Days has reduced from 127 days in Q2FY18 to 96 days in Q2FY19.

Technical View:

Dilip Buildcon Ltd ended at Rs. 429.70, up by 19.6 points or 4.78% from its previous closing of Rs. 410.10 on the BSE.
The scrip opened at Rs. 411 and touched a high and low of Rs. 434.50 and Rs. 369.10 respectively. A total of 7,48,947 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.

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