External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

Equity Bottom-Up

<p>We have cut our FY22/23E estimates by 37/9% to account for weak execution trajectory/COVID second wave impact. We maintain BUY with a reduced TP of INR 100/sh (INR 105 earlier). Sadbhav Engineering: Sadbhav Engineering (SEL) reported an operationally weak quarter as revenue missed estimate by 27% on weak execution. While labour availability has improved, guidance of 15-20% YoY topline growth was key negative from the call. Standalone order book stood at INR 93bn at the end of FY21. SEL standalone net debt stood at INR 12bn (net D/E 0.6).</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>

We have cut our FY22/23E estimates by 37/9% to account for weak execution trajectory/COVID second wave impact. We maintain BUY with a reduced TP of INR 100/sh (INR 105 earlier). Sadbhav Engineering: Sadbhav Engineering (SEL) reported an operationally weak quarter as revenue missed estimate by 27% on weak execution. While labour availability has improved, guidance of 15-20% YoY topline growth was key negative from the call. Standalone order book stood at INR 93bn at the end of FY21. SEL standalone net debt stood at INR 12bn (net D/E 0.6).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.

Sadbhav Engineering

HSIE Results Daily: Sadbhav Engineering