External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>Sadbhav Engineering: Sadbhav Engineering (SEL) continued its weak operating performance in Q1 as revenue/EBITDA missed estimates by 34/52% and the company reported a loss of INR 169mn (vs estimate of INR 100mn profit). SEL is facing multiple challenges on ramping up execution towards normalcy as it requires investment in working capital. Asset monetisation (INR 14bn), along with arbitration inflows (INR 3.5bn), is expected to yield INR 17-18bn over the next 12 months, of which INR 8-9bn will be utilised towards working capital infusion and the balance towards deleveraging.</p><div class="content-highlight"><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></div>

Sadbhav Engineering: Sadbhav Engineering (SEL) continued its weak operating performance in Q1 as revenue/EBITDA missed estimates by 34/52% and the company reported a loss of INR 169mn (vs estimate of INR 100mn profit). SEL is facing multiple challenges on ramping up execution towards normalcy as it requires investment in working capital. Asset monetisation (INR 14bn), along with arbitration inflows (INR 3.5bn), is expected to yield INR 17-18bn over the next 12 months, of which INR 8-9bn will be utilised towards working capital infusion and the balance towards deleveraging.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.

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