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.
