Dilip Buildcon (DBL) Q4 19/20 earnings summary

Executive summary

• FY20 faced prolonged monsoon, delayed government appointment dates and COVID-19 lockdown; revenue and margins were pressured, but 14 projects worth ₹105,445 million were completed.

• Strategy centers on EPC, geographic and sector diversification, project selection and cost control, cash generation, equipment investment and continued deleveraging.

Financial highlights

• Standalone revenue from operations fell 1.71% to ₹89,838 million; EBITDA declined 2.87% to ₹16,033 million from ₹16,508 million.

• Standalone PAT was ₹4,250 million versus ₹7,649 million; EPS was ₹31.07 versus ₹55.93.

• Consolidated revenue from operations rose 3.3% to ₹97,249 million; PBDIT before exceptional items increased 16.16% to ₹21,052 million.

• Consolidated PAT was ₹4,054 million versus ₹5,437 million; EPS declined 25.94% to ₹29.64.

Outlook and guidance

• FY21 priorities include EPC focus, improving project selection and cost control, generating cash, strengthening processes and further balance-sheet deleveraging.

• Order book was ₹190,816 million at March 31, 2020; FY20 new orders totaled ₹67,250 million across five sectors and six states.

• NIP, valued at ₹111 lakh crore for 2020–25, and planned public spending on transport, highways, urban infrastructure and mining reforms were cited as opportunity drivers.