Infra Q4 Earnings Review – Execution, Inflows Mixed; Miss On Margins: Centrum Broking

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Infrastructure companies’ earnings largely missed estimates in Q4 FY22 with KNR Construction Ltd. being an exception with better earnings. Order awards momentum picked up in Q4 but inflows for listed players were a mixed bag.

Inflows for Larsen and Toubro Ltd., PNC Infratech Ltd., GR Infraprojects Ltd. were robust while being moderate to weak for others.

Execution was mixed but margins largely missed estimates due to higher input costs. Net debt decreased QoQ/YoY led by improved year-end recoveries.

Cargo volumes for Adani Ports and Special Economic Zone Ltd. and Gujarat Pipavav Ports Ltd. were weak due to lower container volumes.

Container Corporation Ltd.’s originating volumes were impacted due to lower EXIM cargo though Gateway Distriparks Ltd. saw robust growth aided by market share gains. Domestic volume growth was strong for Concor.

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