Ashoka Buildcon has posted a top down weak performance in second quarter of the current fiscal.
Paresh Mehta, CFO, Ashoka Buildcon in an interview to CNBC-TV18 spoke about the quarterly performance and the outlook going forward.
He said there was slowdown on the EPC front due to stoppage in an important project of Eastern Peripheral road in Delhi. However, this was a one-off impact and the project is now back on track and will be completed before January.
The revenues in the quarter gone by were down 15 percent at Rs 379 crore versus Rs 444 crore for the corresponding quarter last fiscal. The Year on Year (YoY) EBITDA was also down 28 percent at Rs 50.5 crore versus Rs 70 crore. The Q2FY18 operating margins came in at 13.3 percent versus 15.8 percent YoY. Profits in Q2 were down 29 percent at Rs 32 crore versus Rs 45 crore YoY.
The other setback was the GST impact on our power sector in recognition of prices with the vendors, said Mehta, adding that this too has been brought back into flow and the performance will continue to grow.
He said even despite these setbacks the company has achieved their targeted first half growth and will achieve the targeted 20 percent growth in FY18.
He said second half continues to be promising from whatever bids are expected to come out. There are bids of Rs 62000 crore from NHAI and others, where they will be participating in more than 60 percent of the bids. By March end, we would likely wrap up Rs 3000-3500 crore, he said.
For full interview, watch video
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