Dilip Buildcon (DBL) Q4 18/19 earnings summary

Executive summary

• FY19 standalone revenue from operations rose 17.72% YoY to ₹91,182.19 million; standalone PAT increased 23.08% to ₹7,638.50 million.

• Consolidated revenue from operations grew 18.6% YoY to ₹94,158.43 million, while consolidated PAT declined 5.47% to ₹5,463.56 million.

• Order book stood at ₹211.7 billion at Mar. 31, 2019; ~90% of projects were completed ahead of schedule, with ₹4,373 million in early-completion bonuses earned from 2012–19.

Financial highlights

• Standalone gross revenue reached ₹91,646.08 million vs. ₹77,613.96 million in FY18; profit before tax was ₹8,049.68 million vs. ₹6,637.18 million.

• Standalone PAT was ₹7,649.41 million vs. ₹6,203.01 million; EPS rose 23.32% to ₹55.93.

• Consolidated PBDIT increased 19.69% to ₹18,107.14 million; finance cost rose 47.85% to ₹8,718.61 million as borrowings increased.

• Consolidated PBT was ₹5,766.58 million vs. ₹6,312.20 million; PAT was ₹5,474.46 million vs. ₹5,776.44 million, and EPS fell 5.23% to ₹40.03.

• Standalone operating cash flow rose to ₹9,578.54 million from ₹4,192.20 million; closing cash was ₹1,887.95 million.

Outlook and guidance

• Unsatisfied performance obligations totaled ₹211,717.92 million; 50% was expected to be recognized as revenue within the next year, with the balance thereafter.

• FY19 order wins totaled ₹61,257 million, down 3% YoY amid election-related delays in awards; management cited multi-year revenue and margin visibility from the order book.

• Strategic priorities: profitable EPC growth, project clustering, stronger cash generation, balance-sheet deleveraging and asset-light operations through monetization.

• Management anticipated a stronger infrastructure award and construction cycle, supported by government road and infrastructure investment plans.