Nirmal Bang

Nirmal Bang, one of the leading stock broking companies in India, caters to retail and institutional clients by offering them a range of financial products and services, including equities, derivatives, commodities, currency derivatives, mutual funds, IPOs, insurance, depository services and PMS.

Nirmal Bang is drawn from a diversity of professional backgrounds, and blend of experience, skill and dedication is shared with its clients. Nirmal Bang emphasizes adequate, thorough research local and world-wide developments, balancing these with the astute discovery of intrinsic values, synergies and growth. The aim is simply to help the investors to maximize their returns.

A Relationship Beyond Broking

External broker reports(aggregated public sources), Nirmal Bang

External broker reports(aggregated public sources)

Thematic (Sector/Industry)

India Construction and engineering / Thematic (Sector/Industry)

<ul><li>We expect 4QFY22 to be a moderate quarter for the construction companies as execution is expected to remain moderate whereas higher input costs of cement, steel, bitumen and sand/aggregates are likely to weigh negatively on margins.</li><li>Within our coverage universe, we expect KNR and PNC to continue to report industry-leading revenue growth and better margins whereas for most others, execution is likely to dip on YoY basis.</li><li>Given the sharp uptick in order inflow in March’22 and decent order books, we expect FY23 to be a much better year in terms of execution whereas margins are likely to remain under pressure.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We expect 4QFY22 to be a moderate quarter for the construction companies as execution is expected to remain moderate whereas higher input costs of cement, steel, bitumen and sand/aggregates are likely to weigh negatively on margins.Within our coverage universe, we expect KNR and PNC to continue to report industry-leading revenue growth and better margins whereas for most others, execution is likely to dip on YoY basis.Given the sharp uptick in order inflow in March’22 and decent order books, we expect FY23 to be a much better year in terms of execution whereas margins are likely to remain under pressure.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Construction Sector:Execution Likely to Remain Weak; FY23 Looks Promising