Dilip Buildcon (DBL) Q4 22/23 earnings summary

Executive summary

• FY23 standalone revenue rose 12.36% YoY to ₹10,11,952.84 lakh; standalone PAT turned positive at ₹22,177.51 lakh from a loss of ₹8,597.36 lakh.

• Consolidated revenue increased 11.26% YoY to ₹10,64,364.45 lakh; consolidated PAT was a ₹139.24 lakh loss, improved from a ₹54,967.59 lakh loss.

• Year-end order book stood at ₹253,950 million; 10 new projects worth ₹109,181 million were secured across roads, metro and water supply.

Financial highlights

• Standalone EBITDA/PBDIT before exceptional items rose 33.70% YoY to ₹10,530.83 million from ₹7,876.63 million; interest expense fell 15.06% to ₹5,137.31 million.

• Standalone EPS was ₹15.17 versus a loss per share of ₹5.91 in FY22; consolidated EPS was negative ₹0.10 versus negative ₹37.77.

• Consolidated PBDIT before exceptional items increased 26.33% to ₹10,245.51 million; MCO expenses rose 11.54% to ₹92,384.32 million.

• Consolidated net worth increased to ₹39,983.92 million from ₹35,497.83 million; total borrowings fell to ₹66,579.69 million from ₹87,831.96 million.

Outlook and guidance

• FY24 priorities: strong top-line growth, significant EBITDA improvement toward historical levels, new orders of ₹10,000–12,000 crore, lower debt and improved working-capital days.

• Management targeted becoming debt-free within 2–3 years; a sizable number of ongoing projects were nearing completion, with new projects expected to support growth.

• Uncompleted order-book performance obligations were ₹25,39,499.15 lakh; 40% was expected to be recognized as revenue within the next year, subject to changes in scope, terminations and other factors.