Anand Rathi 's research report on H G Infra Engineering
HG Infra’s Q2 revenues though flat y/y imply swift recovery in pace of execution, coming as it does against the backdrop of only gradually waning Covid-related issues, and as a part of OB has yet to be appointed. More positive was the q/q lower leverage, paving the way for the company to use it to its benefit when operations scale up. No inflows for two quarters running is disappointing, but the OB is still good to deliver in the near future. Growth beyond, though, would need more. Prospects are healthy, thus, better times are expected.
Outlook
We retain our Buy rating on its proven execution capabilities, healthy revenue assurance and scope for a further execution ramp-up, with a raised TP of Rs298 (Rs291 earlier).
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