Standalone revenues were in-line while OPM beat estimates, leading to better than-expected net earnings. Labour availability at pre-COVID levels would improve upon execution going ahead. Management broadly maintained FY2021 and FY2022 standalone revenue and OPM guidance. Its order book remains strong at over 4x FY2020 standalone revenue. Merger of SIPL with SEL is in process with NCLT, the hearing of which will commence post Diwali.
OutlookWe maintain a Buy rating on Sadbhav Engineering Limited (SEL) with an unchanged PT of Rs. 75, factoring improving fundamentals and attractive valuation.
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