Q3FY23 Result Update - PSP Projects - ICICI Direct

PSP reported subdued numbers during Q3FY23.

- Standalone revenue during Q3FY23 witnessed muted growth of 2.4% YoY to Rs. 497.8 crore impacted by slowed down execution in certain projects in Uttar Pradesh owing to a delay in approvals

- EBITDA margin was at 12.4% (down 290 bps YoY as the base quarter had some completion led benefits)

- At the PAT level, a subdued operating performance coupled with higher interest cost translated into 24.8% YoY decline in PAT to Rs. 35.3 crore

Key triggers for future price performance

- PSP's pre-qualification for public projects has risen to Rs. 2,500+ crore with the completion of the Surat Diamond Bourse (SDB) project. Addition of big-ticket sized project is expected to boost its overall order book position

- Expect revenue, earning CAGR of 17.4%, 11.6%, respectively, in FY23-24E, given the strong order book position

For details, click on the link below: Link to the report

Shares of PSP Projects Limited was last trading in BSE at Rs. 720.60 as compared to the previous close of Rs. 690.25. The total number of shares traded during the day was 24138 in over 1459 trades.

The stock hit an intraday high of Rs. 724.00 and intraday low of 690.30. The net turnover during the day was Rs. 17205448.00.

Source : Equity Bulls

Keywords

PSPProjects INE488V01015 Q3FY23 ResultUpdate ICICIDirect