RESULTS REVIEW 3QFY20 11 FEB 2020

Dilip Buildcon
BUY
Execution pickup INDUSTRY INFRASTRUCTURE
CMP (as on 10 Feb 2020) Rs 384
We maintain BUY on DBL, with a reduced TP of Rs 681/sh NWC outlays. Net debt reduced Rs 1.3bn QoQ to Rs
(vs. Rs 717/sh earlier). We retain our target EPC multiple 30.5bn and net D/E reduced from 0.95x to 0.87x with Target Price Rs 681
at 12x FY21E EPS to factor a marginal cut in FY20 revenue DBL maintaining Mar-20E net D/E target of 0.8x. Nifty 12,032
estimates. We have revised our FY20/21 EPS estimates  Asset monetization remains on track with balance 7 Sensex 40,980
lower by 21.7/6.2% respectively. HAM projects expected to be monetized by 1QFY21E. KEY STOCK DATA
HIGHLIGHTS OF THE QUARTER DBL is in advance stages of deal closure. Bloomberg DBL IN
 DBL reported 3QFY20 revenue of Rs 23.5bn (6.1% No. of Shares (mn) 137
STANCE
miss). Delays in Appointed Date (AD) and extended MCap (Rs bn) / ($ mn) 53/736
monsoon resulted in miss. DBL has received AD for all DBL has a strong execution engine which was impacted
6m avg traded value (Rs mn) 143
its HAM projects. DBL has revised its revenue guidance due to financial constraints owing to high equity outlay on
STOCK PERFORMANCE (%)
to ~Rs 95bn (from 100bn earlier). EBIDTA and APAT HAM projects. This has been sorted out with Shrem and
Cube Highways deal and likely closure of residual 7HAM 52 Week high / low Rs 735/316
miss came in at 11.5/15.6%. Higher depreciation,
projects monetization by 1QFY21. We believe that non 3M 6M 12M
interest and tax rate impacted APAT.
roads share in the order book will de-risk growth Absolute (%) (5.7) (4.8) 14.7
 DBL bagged new orders worth Rs 61.7bn during
concerns. Balance sheet healing augurs well for multiple Relative (%) (7.3) (13.8) 2.5
9MFY20 and is L1 in one HAM project of Rs 8.6bn.
3QFY20 order book stood at Rs 212bn ex Rs 8.6bn L1. re-rating. DBL is in talks with credit rating agencies for a SHAREHOLDING PATTERN (%)
DBL maintained Rs 110-140bn of new inflows for FY20E possible rating review and has indicated 2QFY21E Sep-19 Dec-19
and ~0.8x net D/E. About Rs 50-70bn of new orders timeline for a possible outcome. We have cut down Promoters 75.00 75.00
wins are expected during 4QFY20. NHAI bid pipeline is FY20/21E EPS estimates by 21.7/6.2% to factor in rev cut, FIs & Local MFs 5.57 6.15
robust at Rs 800bn. high interest expense and taxes. We maintain BUY. Key FPIs 10.08 9.37
 Net working capital deteriorated from 100 to 107days risks (1) Further debt build-up; (2) Deterioration in NWC Public & Others 9.36 9.48
YoY. DBL execution ramp up during 3QFY20 resulted days and (3) Delay in balance 7 HAM monetization.
Pledged Shares 20.84 20.84
Source : BSE
Financial Summary (Standalone)
Y/E March (Rs mn) 3QFY20 3QFY19 YoY (%) 2QFY20 QoQ (%) FY18 FY19 FY20E FY21E Parikshit D Kandpal, CFA
Net Sales 23,480 24,872 (5.6) 17,559 33.7 76,153 90,586 93,302 104,499 parikshitd.kandpal@hdfcsec.com
EBITDA 3,871 4,407 (12.2) 2,680 44.4 12,722 15,447 15,802 17,623 +91-22-6171-7317
APAT 1,230 2,069 (40.5) 577 113.3 6,356 7,607 4,822 6,161 Shrey Pujari
Diluted EPS (Rs) 9.0 15.1 (40.5) 4.2 113.3 46.5 55.6 35.3 45.0 shrey.pujari@hdfcsec.com
P/E (x) 8.3 6.9 10.9 8.5 +91-22-6639-3035
EV / EBITDA (x) 6.3 5.6 5.2 4.6 Rohan Rustagi
RoE (%) 29.5 26.9 14.0 15.4 rohan.rustagi@hdfcsec.com
Source: Company, HDFC sec Inst Research +91-22-3021-2079
HDFC securities Institutional Research is also available on Bloomberg ERH HDF <GO> & Thomson Reuters
 DILIP BUILDCON : RESULTS REVIEW 3QFY20

3QFY20 revenue includes an Standalone Quarterly Financial (Rs mn)

early completion bonus Particulars 3QFY20 3QFY19 YoY (%) 2QFY20 QoQ (%) 9MFY20 9MFY19 YoY (%)
component (Rs 330mn). We have Net Revenues 23,480 24,872 (5.6) 17,559 33.7 63,539 65,472 (3.0)
re-classified is as part of other Material Expenses 18,140 19,417 (6.6) 13,979 29.8 50,102 50,963 (1.7)
income Employee Expenses 531 447 18.7 494 7.4 1,458 1,246 17.0
Other Expenses 939 601 56.2 406 131.1 1,687 1,714 (1.6)
Adjusted EBIDTA margin is 16.5% EBITDA 3,871 4,407 (12.2) 2,680 44.4 10,292 11,549 (10.9)
Depreciation 1,079 805 34.2 1,056 2.2 3,182 2,332 36.5
Revenue: Rs 23.5bn (6.1% miss) EBIT 2,792 3,603 (22.5) 1,624 71.9 7,109 9,217 (22.9)
Interest Cost 1,530 1,444 5.9 1,535 (0.3) 4,652 3,871 20.2
Other Income (Inc EO Items) 410 54 659.9 608 (32.5) 1,519 273 455.8
EBITDA: Rs 3.9bn (11.5% miss) EO Items 40 - 40 -
PBT 1,712 2,213 (22.6) 697 145.5 4,016 5,620 (28.5)
Higher tax rate with reduction of Tax 442 144 207.1 121 266.9 917 170 440.1
80IA projects in portfolio, higher RPAT 1,270 2,069 (38.6) 577 120.1 3,099 5,450 (43.1)
depreciation due to AS116 EO Items (40) - -0 - - (40) - -
impact and higher interest APAT 1,230 2,069 (40.5) 577 113.3 3,059 5,450 (43.9)
expense on mobilization advance Source: Company, HDFC sec Inst Research
resulted in APAT: Rs 1.2bn
(15.6% miss) Margin Analysis
MARGIN ANALYSIS 3QFY20 3QFY19 YoY (bps) 2QFY20 QoQ (bps) 9MFY20 9MFY19 YoY (%)
Material Expenses % Net Sales 77.3 78.1 (81.0) 79.6 (235.3) 78.9 77.8 101.3
Employee Expenses % Net Sales 2.3 1.8 46.3 2.8 (55.5) 2.3 1.9 39.2
Other Ope Exp % Net Sales 4.0 2.4 158.2 2.3 168.5 2.7 2.6 3.7
EBITDA Margin (%) 16.5 17.7 (123.5) 15.3 122.2 16.2 17.6 (144.2)
Tax Rate (%) 25.8 6.5 1,932.6 17.3 854.9 22.8 3.0 1,981.4
APAT Margin (%) 5.2 8.3 (308.0) 3.3 195.4 4.8 8.3 (350.9)
Source: Company, HDFC sec Inst Research

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 DILIP BUILDCON : RESULTS REVIEW 3QFY20

Roads now contribute ~70% of Order Book By Sector: 3QFY20 (%) Order Book By Clientele: 3QFY20 (%)
the order backlog with increased Metro
1.9%
diversification across other Mining
sectors 19.3% State Govt.
29.9%

Airport
3QFY20 Order book is Rs 212bn 2.7%
with no new wins during 3QFY20

Central
Won new orders worth Rs 61.7bn Irrigation
Roads, Highways
, Bridges & Govt.
ex L1 of Rs 8.6bn during 4QFY20 6.5% 70.1%
Tunnels
69.6%

16% of the order book is from MP Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research
(DBL’s home state)
Share Of Orders Outside MP (%) Changing Composition Of Order Book (%)
Orders from Karnataka Outside MP (%) MP (%) Government Orders (%) Private Orders (%)
constitute 18% of the order book 100%
100%
90%
while those from Maharashtra & 80% 80%
Uttar Pradesh constitute 16/18% 70%
60% 60%
50%
40% 40%
30%
Central Government projects 20% 20%
contribute 70% where as state 10%
0% 0%
projects contribute 30% to the

FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

1QFY20

2QFY20

3QFY20
FY12

FY13

FY14

FY15

FY16

FY17

FY18

FY19

1QFY20

2QFY20
order book 3QFY20

Source: Company, HDFC sec Inst Research Source: Company, HDFC sec Inst Research

Page | 3
 DILIP BUILDCON : RESULTS REVIEW 3QFY20

Key Assumptions & Estimates

Key Assumptions FY20E FY21E Comments
DBL has guided for Rs 110-140bn
Closing order book 210,300 225,252
of new order wins for FY20E with
Order book growth (%) (0.7) 7.1
Rs 50-70bn expected during
Order booking to improve as NHAI awards picks pace. DBL
4QFY20 New order booking 91,886 119,451 has secured new orders worth Rs 70bn FYTD20 and is looking
to add Rs 50-70bn during 4QFY20
Book to bill ratio 2.3 2.2
FY19-21E revenue CAGR at 7.4% Total Revenue 93,302 104,499 7.4% revenue CAGR over FY19-21E
due to delay in receiving AD and Growth (%) 3.0 12.0 Growth to be muted
back ended NHAI ordering EBIDTA 15,802 17,623
EBIDTA margin (%) 16.9 16.9 Margins to remain stable
Expect EBIDTA margins to remain Depreciation 4,297 4,267
around 17% Financial Charges 6,174 5,754
Expect finance cost to be stable as debt increase will be
limited
This includes early completion bonus. We have reclassified
Stable depreciation as DBL is on Other Income (Including EO Items) 1,632 1,200
from DBL revenue to other income
new Capex holiday with annual PBT 6,963 8,801
capes of Rs 1-1.5bn largely PBT margin (%) 7.5 8.4
related to replacement capex Tax 2,101 2,640
Tax rate to be 30% in FY20-21E. DBL has unutilized MAT
Tax rate (%) 30.2 30.0
Finance cost expected to credit of Rs 3.8bn so it has deferred shifting to new ETR
decrease on back of debt APAT 4,862 6,161
reduction Net margin (%) 5.2 5.9 APAT margins to factor in higher tax rate
Gross Block Turnover 2.6 2.7
NWC Days 120.3 124.6
Higher profitability coupled with tight control on NWC to
Cash flow from operations 15,244 10,072
drive robust cash flow generation
Capex (1,500) (3,500)
Free cash flows 13,744 6,572
Cash flow from investments (4,630) (3,770)
Debt issuance (2,000) (2,000) Debt to remain under control over FY20-21E
Cash flow from financing (8,174) (7,754)
Total change in cash - a+b+c 2,441 (1,453)
Source: HDFC sec Inst Research

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 DILIP BUILDCON : RESULTS REVIEW 3QFY20

Outlook and valuation

We value standalone EPC
business at Rs 541/share (12x
Maintain BUY – Reduce Target Price to Rs 681/Sh (vs Rs 717/sh earlier)
one-year forward  Valuation methodology: We have valued DBL EPC  Further expansion in multiples is premised on robust
Standalone Mar-21E EPS) business at 12x Mar-21E EPS. We have maintained execution and deleveraging from the current level.
our multiple to factor in (1) Challenges in winning The company has guided for a D/E of 0.8-0.85x for
Our 12x multiple factors in (1) new orders as company is prioritizing EPC projects FY20 from 0.87x as of 3QFY20.
Challenges in winning new over HAM and (2) Large pending HAM equity  Investments in the Roads, Mining, Irrigation and
orders due to the company requirement of Rs 2.1/5.3bn 4QFY20/FY21E. Urban infra sectors would continue to drive the
prioritizing EPC projects over  Our BUY stance is based on (1) Strong order book of stock’s performance. DBL, with strong credentials, is
HAM and (2) Pending HAM Rs 212bn spread across Roads, Mining & Urban (2) likely to benefit from the pick- up in ordering
equity requirement of Rs 7.5bn Above-average EBIDTA margins ~17% (3) Regular activity.
early completion bonuses accretion (~Rs 1.2bn  We value standalone EPC business at Rs 541/sh (12x
BOT assets at Rs 141/share (At recorded during 9MFY20) and (4) Pan India Mar-21E EPS), and BOT assets at Rs 141/share (At 1x
1x P/BV(x) of expected invested presence. P/BV(x) of expected invested equity as at FY21E). We
equity as at FY21E) arrive at a SOTP-based target price of Rs 681/share
(vs. Rs 717/sh earlier). We maintain BUY.
SOTP Valuation
We arrive at a SOTP-based target Value Value per share
Particulars Segments Rationale
price of Rs 681/share (vs. Rs (Rs mn) (Rs)
At 12x Mar-21E EPS at ~33%
717/sh earlier) Standalone Core construction business 73,931 541 discount to peers viz. KNR, PNC
etc.
Equity At 1x P/BV(x) of expected invested
HAM Investments 19,247 141
We maintain BUY Investments equity as at FY21E
Total 93,178 681
We have revised our FY20-21E Source: HDFC sec Inst Research
numbers to factor in change in Change in Estimate
growth estimates for FY20 and FY20E FY20E FY21E FY21E
Rs mn % Change % Change
increased interest cost, New Old New Old
depreciation and tax rate for Revenues 93,302 102,361 (8.8) 104,499 107,479 (2.8)
FY20 onwards EBIDTA 15,802 17,385 (9.1) 17,623 18,262 (3.5)
EBIDTA Margins (%) 16.9 17.0 (4.8) 16.9 17.0 (12.7)
This has resulted in 21.7/6.2% cut APAT 4,862 6,160 (21.1) 6,161 6,567 (6.2)
in FY20/21E EPS Adj. EPS (INR) 35.3 45.0 (21.7) 45.0 48.0 (6.2)
Source: HDFC sec Inst Research

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 DILIP BUILDCON : RESULTS REVIEW 3QFY20

Peer Set Comparison: Core EPC

MCap Adj. EPS (Rs/sh) P/E (x) EV/EBITDA (x) ROE (%)
CMP TP
COMPANY (Rs RECO
(Rs) (Rs) FY19 FY20E FY21E FY19 FY20E FY21E FY19 FY20E FY21E FY19 FY20E FY21E
bn)
Dilip Buildcon 52.3 384 BUY 681 55.6 35.3 45 4.4 6.9 5.4 4.3 4 3.5 26.9 14 15.4
PNC Infratech 50.3 196 BUY 339 9.1 13.2 16 15.6 10.8 8.9 8.6 5.2 4.9 11.9 15.3 15.4
KNR Constructions 39.2 279 BUY 378 12.3 14.1 17.7 17.8 15.5 12.4 7.8 6.9 5.7 13.5 13 13.7
Ashoka Buildcon 30.6 109 BUY 206 11.5 9.5 11.2 3.2 3.9 3.3 3.5 3.3 3 15.5 12.6 13.2
NCC 29.5 49 BUY 106 10.4 5.1 6.5 4 8 6.3 2.9 3.8 2.9 13.8 6.2 7.4
Ahluwalia
21.2 316 BUY 388 17.5 18.3 25 17.3 16.6 12.1 8.7 8.4 6.1 17.3 15.4 18
Contracts
Sadbhav
20.1 117 BUY 241 10.9 11 13.2 6.8 6.7 5.6 6.5 4.5 4.1 9.2 8.6 9.4
Engineering
PSP Projects 18.7 520 BUY 607 25.1 35.4 40.5 20.8 14.7 12.8 12.6 10.3 8.9 26.8 30.1 27.2
HG Infra 15.8 242 BUY 441 19 29.6 33.2 10.5 6.8 6 5.5 4.2 3.6 20.6 25.6 22.7
JMC Projects 15.4 92 BUY 175 8.5 9.7 10.9 7.9 6.9 6.1 5.4 4.3 3.6 16.6 16.4 15.8
ITD Cementation 11 64 BUY 83 3.2 4.8 6.9 19.8 13.4 9.2 6.1 5.1 4.4 6.8 7.7 10.3
JKIL 9.9 145 BUY 276 23.4 27.8 34.5 6.2 5.2 4.2 3.7 3 2.6 11.1 12 13.4
Average 11.7 9.8 7.6 6.2 5.2 4.4 15.5 14.3 15.4
Source: Company, HDFC sec Inst Research

Page | 6
 DILIP BUILDCON : RESULTS REVIEW 3QFY20

Income Statement (Standalone) Balance Sheet (Standalone)

Y/E-Mar (Rs mn) FY17 FY18 FY19 FY20E FY21E Y/E-Mar (Rs mn) FY17 FY18 FY19 FY20E FY21
Net Revenues 49,916 76,153 90,586 93,302 104,499 SOURCES OF FUNDS
Growth (%) 24.2 52.6 19.0 3.0 12.0 Share Capital 1,368 1,368 1,368 1,368 1,368
Material Expenses 37,930 60,079 71,340 73,405 82,174 Reserves 17,161 23,203 30,677 35,539 41,700
Employee Expenses 1,025 1,524 1,774 2,006 2,299 Total Shareholders Funds 18,529 24,570 32,044 36,907 43,068
Other Expenses 2,099 1,827 2,025 2,090 2,403 Long Term Debt 9,903 12,133 15,211 15,211 15,21
EBIDTA 8,863 12,722 15,447 15,802 17,623 Short Term Debt 15,731 17,280 20,552 18,552 16,552
EBIDTA (%) 17.8 16.7 17.1 16.9 16.9 Total Debt 25,634 29,413 35,763 33,763 31,763
EBIDTA Growth (%) 21.1 43.5 21.4 2.3 11.5 Deferred Taxes 759 1,067 171 171 17
Depreciation 2,274 2,750 3,202 4,297 4,267 Other Non Current Liabilities 4,158 4,618 9,651 11,581 13,897
EBIT 6,589 9,973 12,245 11,505 13,355 TOTAL SOURCES OF FUNDS 49,079 59,669 77,630 82,422 88,900
Other Income (Incl EO APPLICATION OF FUNDS
1,175 1,309 1,103 1,632 1,200
Items+bonus) Net Block 16,825 18,319 20,822 18,026 17,258
Interest 4,162 4,644 5,299 6,174 5,754 Investments 6,808 8,230 13,015 17,777 19,247
PBT 3,601 6,637 8,050 6,963 8,801 Other Non Current Assets 4,707 8,432 10,491 11,540 13,848
Tax (9) 434 400 2,101 2,640 Total Non-current Assets 28,340 34,981 44,329 47,343 50,354
RPAT 3,610 6,204 7,650 4,862 6,161 Inventories 16,639 20,262 25,038 24,795 27,77
EO (Loss) / Profit (Net Of Tax) 2 152 (43) (40) - Debtors 10,165 13,845 14,093 15,849 16,892
APAT 3,612 6,356 7,607 4,822 6,161 Cash & Equivalents 1,137 1,613 1,888 4,329 2,876
APAT Growth (%) 63.8 76.0 19.7 (36.6) 27.8 Loans & Advances 2,479 2,327 4,467 5,624 6,299
Adj. EPS 26.4 46.5 55.6 35.3 45.0 Other Current Assets 7,734 11,437 16,494 17,382 19,468
Adj. EPS Growth (%) 63.8 76.0 19.7 (36.6) 27.8 Total Current Assets 38,153 49,484 61,980 67,979 73,306
Source: Company, HDFC sec Inst Research Creditors 8,886 15,078 17,241 20,516 21,337
Other Current Liabilities 8,223 9,483 11,316 12,256 13,289
Short Term Provisions 304 100 122 128 134
Total Current Liabilities & Provns 17,413 24,660 28,679 32,900 34,760
Net Current Assets 20,740 24,824 33,301 35,079 38,546
Misc Expenses & Others 0 (136) (0) (0
TOTAL APPLICATION OF FUNDS 49,080 59,669 77,630 82,422 88,900
Source: Company, HDFC sec Inst Research

Page | 7
 DILIP BUILDCON : RESULTS REVIEW 3QFY20

Cash Flow (Standalone) Key Ratios (Standalone)

Y/E-Mar (Rs mn) FY17 FY18 FY19 FY20E FY21E FY17 FY18 FY19 FY20E FY21E
Reported PBT 3,601 6,637 8,050 6,963 8,801 PROFITABILITY (%)
Non-operating & EO items 302 (226) 828 (1,632) (1,200) GPM 24.0 21.1 21.2 21.3 21.4
EBITDA Margin 17.8 16.7 17.1 16.9 16.9
Interest expenses 4,162 4,644 5,299 6,174 5,754
EBIT Margin 13.2 13.1 13.5 12.3 12.8
Depreciation 2,274 2,750 3,202 4,297 4,267 APAT Margin 7.2 8.3 8.4 5.2 5.9
Working Capital Change (2,966) (8,110) (6,196) 1,544 (4,911) RoE 24.8 29.5 26.9 14.0 15.4
Taxes (835) (1,504) (1,604) (2,101) (2,640) Core RoCE 18.1 20.5 20.7 13.1 14.7
OPERATING CASH FLOW ( a ) 6,537 4,192 9,579 15,244 10,072 RoCE 18.2 19.7 18.4 11.4 11.9
Capex (4,884) (4,242) (5,704) (1,500) (3,500) EFFICIENCY
Free cash flow (FCF) 1,653 (50) 3,875 13,744 6,572 Tax Rate (%) (0) 7 5 30 30
Asset Turnover (x) 2.1 2.7 2.7 2.6 2.7
Investments (1,797) (442) (2,662) (4,762) (1,470)
Inventory (days) 122 97 101 97 97
Other Income + E.O Items 90 125 216 1,632 1,200 Debtors (days) 74 66 57 62 59
INVESTING CASH FLOW ( b ) (6,592) (4,559) (8,150) (4,630) (3,770) Loans & Advances (days) 18 11 18 22 22
Share capital Issuance 4,300 - - - - Other Current Assets (days) 57 55 66 68 68
Debt Issuance (5) 5,650 4,306 (2,000) (2,000) Payables (days) 65 72 69 80 75
Interest expenses (4,162) (4,641) (5,299) (6,174) (5,754) Other Current Liabilities & Provns
62 46 46 48 47
(days)
FCFE (2,515) 959 2,882 5,570 (1,183)
NWC Cycle (days) 143 111 127 120 125
Dividend (0) (165) (161) Debt/EBITDA (x) 2.9 2.3 2.3 2.1 1.8
FINANCING CASH FLOW ( c ) 132 844 (1,154) (8,174) (7,754) Net D/E 1.3 1.1 1.1 0.8 0.7
NET CASH FLOW (a+b+c) 78 477 275 2,441 (1,453) Interest Coverage 1.6 2.1 2.3 1.9 2.3
Non-operating and EO items - (0) PER SHARE DATA 2.8 2.2 2.2 1.9 1.6
Closing Cash & Equivalents 1,137 1,613 1,888.0 4,329 2,876 EPS (Rs/sh) 26.4 46.5 55.6 35.3 45.0
Source: Company, HDFC sec Inst Research CEPS (Rs/sh) 43.0 66.6 79.0 66.7 76.2
DPS (Rs/sh) 1.0 1.0 1.0 1.0 1.0
BV (Rs/sh) 135.5 179.6 234.3 269.8 314.9
VALUATION
P/E 14.5 8.3 6.9 10.9 8.5
P/BV 2.8 2.1 1.6 1.4 1.2
EV/EBITDA 8.7 6.3 5.6 5.2 4.6
EV/Net Revenues 1.5 1.1 1.0 0.9 0.8
OCF/EV (%) 8.5 5.2 11.1 18.6 12.4
FCF/EV (%) 2.1 (0.1) 4.5 16.8 8.1
FCFE/Market Cap (%) (4.8) 1.8 5.5 10.6 (2.3)
Dividend Yield (%) 0.3 0.3 0.3 0.3 0.3
Source: Company, HDFC sec Inst Research

Page | 8
 DILIP BUILDCON : RESULTS REVIEW 3QFY20

RECOMMENDATION HISTORY
Date CMP Reco Target
Dilip Buildcon TP
9-Feb-19 335 BUY 833
1,000 8-Apr-19 630 BUY 833
900 9-Apr-19 608 BUY 833
800 11-May-19 485 BUY 737
700 23-May-19 569 BUY 737
600 11-Jul-19 410 BUY 737
500 6-Aug-19 390 BUY 720
400 22-Sep-19 437 BUY 720
10-Oct-19 376 BUY 720
300
15-Nov-19 398 BUY 717
200
10-Jan-20 409 BUY 717
100
11-Feb-20 384 BUY 681
0
Rating Definitions
Feb-19

Sep-19

Feb-20
Nov-19
Jun-19
May-19

Dec-19
Mar-19

Oct-19
Aug-19
Apr-19

Jan-20
Jul-19

BUY : Where the stock is expected to deliver more than 10% returns over the next 12 month period
NEUTRAL : Where the stock is expected to deliver (-)10% to 10% returns over the next 12 month period
SELL : Where the stock is expected to deliver less than (-)10% returns over the next 12 month period

HDFC securities
Institutional Equities
Unit No. 1602, 16th Floor, Tower A, Peninsula Business Park,
Senapati Bapat Marg, Lower Parel, Mumbai - 400 013
Board : +91-22-6171 7330 www.hdfcsec.com

Page | 9
 DILIP BUILDCON : RESULTS REVIEW 3QFY20

Disclosure:
We, Parikshit Kandpal, CFA, Shrey Pujari, MBA and Rohan Rustagi, MBA authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our
views about the subject issuer(s) or securities. HSL has no material adverse disciplinary history as on the date of publication of this report. We also certify that no part of our compensation was, is, or will be directly
or indirectly related to the specific recommendation(s) or view(s) in this report.
Research Analyst or his/her relative or HDFC Securities Ltd. does not have any financial interest in the subject company. Also Research Analyst or his relative or HDFC Securities Ltd. or its Associate may have
beneficial ownership of 1% or more in the subject company at the end of the month immediately preceding the date of publication of the Research Report. Further Research Analyst or his relative or HDFC Securities
Ltd. or its associate does not have any material conflict of interest.
Any holding in stock –No
HDFC Securities Limited (HSL) is a SEBI Registered Research Analyst having registration no. INH000002475.

Disclaimer:
This report has been prepared by HDFC Securities Ltd and is solely for information of the recipient only. The report must not be used as a singular basis of any investment decision. The views herein are of a general
nature and do not consider the risk appetite or the particular circumstances of an individual investor; readers are requested to take professional advice before investing. Nothing in this document should be
construed as investment advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in securities of the companies
referred to in this document (including merits and risks) and should consult their own advisors to determine merits and risks of such investment. The information and opinions contained herein have been compiled
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