Dilip Buildcon shares slump 5% on weak operational show in Q2

Dilip Buildcon’s orderbook also moderated sequentially to Rs 23,988.60 crore in July-September largely dragged by lower spending in road infrastructure on the back of the monsoon season.

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Shares of Dilip Buildcon slumped 5 percent in morning trade on November 7 after the company recorded a weak operational performance in Q2.

The construction company’s EBITDA margin contracted to 12 percent in the July-September quarter as against 13.6 percent a year ago, largely on account of higher raw material costs and exceptional expenses in the quarter.

At 10.58am, shares of Dilip Buildcon were trading nearly 2 percent lower at Rs 338.90 on the NSE. Volumes also remained high as 18 lakh shares changed hands on the exchanges so far, higher than the one-month daily traded average of 17 lakh shares.

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Despite the weak operational performance, net profit in the quarter reached Rs 68.6 crore, up from Rs 17 crore a year back, while revenue jumped nearly 10 percent to Rs 2,848.70 crore from Rs 2,596.80 crore in the base quarter. The jump in revenue was driven by its engineering, procurement and construction (EPC) projects and road infrastructure maintenance segment, which made up more than 99 percent of the overall topline.

However, revenue growth for the company was still lower than the 11 percent rise recorded by peer Thermax and the 19 percent increase clocked in by Larsen & Toubro.

The company’s orderbook moderated to Rs 23,988.60 crore in July-September as against Rs 24,050.90 crore in the previous quarter, dragged by lower spending in road infrastructure on the back of the monsoon season. The road and highways segment held the highest share of the orderbook at 33.21 percent, amounting to Rs 7,967.70 crore.

However, analysts remain positive of seeing a demand uptick in the coming quarters on the back of increased government spending ahead of the upcoming state and general elections.

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