Private Capex

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Higher government spending on infrastructure in FY24 will propel engineering, procurement, and construction companies to hit revenue growth of 17-20 per cent, taking their profit to the pre-Covid level, a report said on Tuesday. In the Budget 2023-24, the government has increased the outlay for capital expenditure (capex) on infrastructure sector by 33 per cent from Rs 7.5 lakh crore to Rs 10 lakh crore. Forecasting higher revenue and thicker bottom-line, rating agency Crisil in a report also placed their credit outlook positive citing improving debt metrics. The optimism is supported by the expected strong order inflows due to the government thrust on infrastructure in the latest budget. Profitability of large EPC (engineering, procurement, and construction) companies is seen improving and reaching pre-pandemic levels of 10-10.5 per cent next fiscal compared to 9-9.5 per cent this fiscal, with commodity prices easing. With healthy order books and recovery in profitability, debt .

Companies in metals, mining, energy transition, airports and data centres have driven orders from the private sector in recent quarters, says CFO R Shankar Raman

Key monitorables include tender pipeline and emerging supply-chain scenario, say analysts and players

Higher global borrowing costs are expected to affect growth prospects

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This is despite the announcement of expansion plans of some large companies, and is the outcome of the second wave

After the March 2020 market crash, all the major economies, including India, launched large monetary and fiscal stimulus packages to counter the slowdown

Analysts see more gains in Reliance Industries stock

While private capex has been rising in a moderate clip, government's capex growth rate has declined

Estimate based on moderate consumption demand, global overcapacity and the working capital disruptions owing to GST