Ashoka Buildcon posts loss of Rs661.4cr in Q3FY22; Stock drops 1.5%

14 Feb 2022 , 11:12 AM

Ashoka Buildcon Limited, an integrated EPC and BOT player, on Saturday reported its financial results for the quarter ended December 31, 2021. The company reported a standalone Total Income of Rs1,132.8 crore in Q3FY22 against Rs1,027.9 crore in Q3FY21, up 10.2% yoy.

EBITDA of Rs149.8 crore with an EBITDA margin of 13.2 % in Q3FY22.

The company posted a loss of Rs661.4cr in Q3FY22 compared to a profit of Rs112.9cr in Q3FY21.

It also reported a standalone Income of Rs3,167.6 crore in 9MFY22, compared to Rs2,576.0 crore in 9MFY21, a jump of 23% yoy. EBITDA of Rs481.5 crore with an EBITDA margin of 15.2% in 9MFY22.

Loss of Rs496.6 crore in 9MFY22 compared to profit of Rs259.4 crore in 9MFY21.

At around 11.15 am, Ashoka Buildcon Ltd was trading at Rs92.85 per share down by Rs1.4 or 1.49% from its previous closing of Rs94.25 per share on the BSE.

Exceptional Item:

• Ashoka Concession Limited, Subsidiary of the Company entered in to an agreement for Sale of an entire stake in five of its BOT subsidiaries for aggregate consideration of Rs1,337 crore.
• In Standalone Financials of Ashoka Buildcon, Company recognizes exceptional item (expenses) of Rs769.6 crore towards impairment towards its investment in equity shares, CCDs and loan given to ACL.
• In Consolidated Financials, the assets and liabilities of these BOT entities have been classified as held for Sale and Group has remeasured its obligation towards Investors and accordingly recognized the write-back of Rs326 crore as exceptional item.

Consolidated Debt is Rs6,822 crore The Debt on Standalone basis is Rs649 crore; which comprises of Rs140 crore of Equipment Loans & Rs509 crore of Working Capital Loan. BOT division recorded a Toll Collection of Rs257 crore in Q3FY22

The company entered into agreement with Galaxy Investments II Pte. Ltd. for sale of 5 operational Bot Assets of ACL for an aggregate consideration of Rs1.337 crore.

Order Book:
As on December 31, 2021, Total order book of the Company stands at Rs12,252 crore, excludes orders worth Rs2,218 crore which includes order from Bailey Properties, Belgaum to Sankeshwar EPC road project and sewage treatment plant project from MCGM.

Of the total Order Book, contribution from Roads HAM and Roads EPC is Rs2,638 crore and Rs4,995 crore respectively, Power T&D & others is Rs1,902 Crores, Railways is Rs729 crore, Buildings EPC is Rs.1,905 crore and CGD contributes the rest.