Ashoka Buildcon slides after Q2 PAT declines 20% YoY

Ashoka Buildcon fell 2.47% to Rs 72.95 after the company's consolidated net profit declined 20.4% to Rs 63.66 crore on 42.9% increase in net sales to Rs 1,807 crore in Q2 FY23 over Q2 FY22.

The company's revenue from sale of goods registered a growth of 58.38% to Rs 110.37 crore, revenue from annuity project was at Rs 816.66 crore (up 49.12% YoY) and revenue from construction and contract stood at Rs 880.64 crore (up 36% YoY) in Q2 FY23.

The company's profit before tax dropped 17.8% year on year to Rs 103.89 crore in Q2 FY23 over Q2 FY22.

Total expense rose 61.1% YoY to Rs 1,382.43 crore in Q2 FY23. Cost of material consumed stood at Rs 547.25 crore (up 75.4% YoY) and finance cost was at Rs 276.23 crore (up 10.8% YoY).

Net cash generated from operating activities stood at Rs -101.41 crore in six months ended 30 September 2022 compared with Rs -73.16 crore in six months ended 30 September 2021.

On standalone basis, PAT fell 31.5% to Rs 65.5 crore and total income rose 34.2% to Rs 1,309.90 crore in Q2 FY23 over Q2 FY22. EBITDA declined 14% year on year to Rs 141.6 crore in Q2 FY23 over Q2 FY22. EBITDA margin stood at 10.8% in Q2 FY23.

As on 30th September 2022, the total order book of the company stands at Rs 14,901 crore. Of the total order book, the contribution from Roads HAM and Roads EPC is Rs 2,689.2 crore and Rs 5,573.2 crore respectively, power T&D & others is Rs 2,233.1 crore, railways is Rs 1,497.5 crore, Buildings EPC is Rs 2,866.7 crore and CGD contributes the rest Rs 41.2 crore.

Consolidated debt is Rs 7,079.7 crore. The debt on a standalone basis is Rs.869 crore, which comprises of Rs 167.1 crore of equipment loans & Rs 701.9 crores of working capital loans.

BOT division recorded a toll collection of Rs 275.6 Crores in Q2 FY23.

Ashoka Buildcon is presently engaged in the business of construction of infrastructure facilities on Engineering, Procurement and Construction Basis (EPC) and Built, Operate and Transfer (BOT) Basis and Sale of Ready Mix Concrete.

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