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Road construction: Strong performance in FY21, what lies ahead?

Our conviction ideas such as KNR, PNC and HG Infra have lower debt to equity and are adequately capitalised

April 19, 2021 / 10:28 AM IST
Road construction: Strong performance in FY21, what lies ahead?

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PRO Only Highlights
Quarterly performance largely backed by improved realisations
Medium-term triggers China plus and protectionist measures for tyre industry
Valuations not inexpensive; but improved medium-term outlook

FY2021 was a year of strong performance by road-sector stocks, which rose between 80-180 per cent. The performance was better than the benchmark indices such as Nifty and Sensex, which rose by about 75 per cent. While the initial part of the year was impacted by the COVID-19 lockdown, execution picked up significantly (from Q2 and Q3 FY21) after a steep drop in COVID-19 cases, the government’s unlocking measures and the return of the migrant labour. Moreover, increased allocation in the...

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