We expect ABGS to register robust revenue growth in Q4FY09E led by strong order booking in rig order. We expect revenue of Rs4,421 mn (up 84% yoy) with contribution from rigs at Rs1.3 bn (30% of total revenues). However, we expect a 40% yoy decline in adjusted net profit to Rs278 mn – attributed to (1) 130 bps yoy drop in operating margins to 21.4%, (2) low subsidy income – attributed to execution of non-subsidy eligible rig order and (3) high interest and depreciation charges owing to execution of rig order. We will closely follow management commentary on (1) Execution of USD480 mn rig order and (2) Delays and cancellations in existing order backlog.
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