PSP Projects (PSPPROJECT) Q4 20/21 earnings summary

Executive summary

• FY21 operations were hit by COVID-19 disruptions, but quarterly revenue, EBITDA and PAT recovered to YoY growth of 10%, 23% and 20%, respectively, in Q4.

• FY21 work orders reached ₹2,441.17 crore; the March 31 order book was a record ₹4,120.97 crore across 42 projects, supporting revenue visibility.

• Geographic reach expanded to six states, with 61% of the order book outside Gujarat; government projects, including seven UP medical colleges and hospitals, drove diversification.

Financial highlights

• Standalone revenue from operations fell 17% YoY to ₹1,240.86 crore; EBITDA declined 29% to ₹134.81 crore.

• Standalone PBT after exceptional items was ₹108.66 crore versus ₹174.42 crore; PAT was ₹80.79 crore versus ₹129.26 crore.

• Consolidated revenue was ₹1,240.86 crore; net profit attributable to owners was ₹81.53 crore versus ₹128.48 crore in FY20.

• Standalone operating cash flow increased to ₹70.83 crore from ₹19.04 crore; closing cash and cash equivalents were ₹115.33 crore.

Outlook and guidance

• Management expects the record order book, order pipeline and execution capabilities to support future growth and strong order flows over the next couple of years.

• Remaining performance obligations were ₹4,120.97 crore, with tentative execution of ₹1,867.58 crore in FY22, ₹1,882.75 crore in FY23 and ₹370.64 crore in FY24.

• Precast plant Phase I capacity is 1 million sq. ft.; full operational capacity is expected to reach 3 million sq. ft. annually.

• Priorities include larger projects, balanced sector and geographic mix, technology adoption, customer relationships and workforce capability-building.