The company reported lower-than-expected standalone operational performance for Q4FY2021, led by weak execution while standalone net profit came in higher than estimate on account of tax reversals. Management significantly trims standalone revenue guidance for FY2022. Management is focused on conciliation of two large projects, balance sheet de-leveraging by further asset divestments, and bidding for EPC projects. Funds raised during April 2021 aided in completing pending equity requirements for HAM projects.
OutlookWe downgrade Sadbhav Engineering Limited (SEL) to Hold with a revised PT of Rs. 97, factoring downwardly revised estimates, awaiting balance sheet de-leveraging and new order wins.
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