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The ordinary income statement of Ahluwalia Contracts India Ltd. in the fourth quarter stems from a combination of a contracted order book (new orders muted due to increased competition) and operating profitability impacted by inflation.
Nevertheless, this did not prevent him from generating positive cash flow and further strengthening his net cash position. Access to a war chest in an environment of growing interest would, in our view, work in its favor and therefore Ahluwalia Contracts is poised to benefit from the opportunities presented.
According to management, the consequences of irrational bidding in the recent past by some would dampen competition and keep it optimistic to add time to continue growing. The recent correction makes the stock attractive.
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