The negative surprise came in from a revised guidance on core engineering and construction margin, which now factors a 30-50 basis point year-on-year (y-o-y) decline over a low base, said analysts from Kotak Institutional Equities. One basis point is 0.01%. The management expects to close FY23 margin at 8.9-9%, compared to 9.5% guided earlier. "While suggesting bottoming out of margin, the company remained noncommittal to the extent of recovery on most key parameters of execution, ordering and margin," added the Kotak report on 30 January.
Against this backdrop, robust order inflows bring some comfort. The capital goods company is often viewed as a proxy to the country's infrastructure developments as government orders account for a huge chunk of its order book. Hence, the trajectory of order inflows is crucial.
この記事は Mint Mumbai の February 01, 2023 版に掲載されています。
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