- Revenue: INR1,897 crore for Q1 FY25, a decline of 12% YoY.
- EBITDA Margin: 13%, down from 14.6% YoY.
- Order Book: INR19,075 crore as of June 30, 2024.
- Standalone Revenue from Operations: Decreased from INR2,152 crore to INR1,897 crore YoY.
- Consolidated Revenue from Operations: Decreased from INR2,478 crore to INR2,030 crore YoY.
- Standalone EBITDA Margin: Decreased to 13% from 14.6% YoY.
- Group Level EBITDA Margin: Decreased to 18% from 24.51% YoY.
- Standalone PAT Margin: Decreased by 5.9% to INR196 crore YoY.
- Consolidated PAT Margin: Decreased by 35.5% to INR199.8 crore YoY.
- Standalone Net Worth: INR7,750 crore as of June 30, 2024.
- Consolidated Net Worth: INR7,760 crore as of June 30, 2024.
- Total External Borrowing: INR8,840 crore as of June 30, 2024.
- Debt to Equity Ratio: 0.11 times (standalone), 0.58 times (consolidated).
- Fixed Asset Addition: INR322.6 crore during the quarter.
- Net Block of Property, Plant, and Equipment: INR1,328 crore as of June 30, 2024.
- Investment in Subsidiaries: INR1,835 crore as of June 30, 2024.
- Working Capital Days: 122 days as of June 30, 2024.
- Trade Receivables (Standalone): INR2,174 crore, including INR1,903 crore from SPV.
- Trade Receivables (Consolidated): INR285 crore as of June 30, 2024.
- Inventories: INR697 crore as of June 30, 2024.
- Unbilled Revenue (Standalone): INR651 crore as of June 30, 2024.
- Unbilled Revenue (Consolidated): INR94 crore as of June 30, 2024.
Release Date: August 05, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
- G R Infraprojects Ltd (BOM:543317, Financial) has a strong order book of INR19,075 crore as of June 30, 2024, including two EPC road projects in Maharashtra.
- The company has a diversified portfolio with 29 projects across highways, railways, metro, roadway transmissions, tunnels, hydro, and Multi-Modal Logistics Park.
- The union budget allocation aligns well with the company's strategic direction, providing significant opportunities in infrastructure development.
- The company is targeting an order pipeline worth INR259,000 crore across various sectors, aiming to add a significant share to its order book in FY24-25.
- G R Infraprojects Ltd (BOM:543317) has a strong financial position with a standalone net worth of INR7,750 crore and a consolidated net worth of INR7,760 crore as of June 30, 2024.
Negative Points
- Revenue for Q1 FY25 declined by 12% to INR1,897 crore compared to the same period last year.
- EBITDA margin decreased from 14.6% to 13% due to a reduction in operating revenue.
- Consolidated revenue from operations also decreased by 18% from INR2,478 crore to INR2,030 crore.
- The company faces delays in getting appointed dates for new HAM projects, impacting revenue.
- Working capital days increased to 122 days from 112 days at the end of fiscal 2024, primarily due to an increase in SPV debtors.
Q & A Highlights
Q: What was the trade receivable you mentioned now at standalone and what was our HAM debtors?
A: Trade receivable at a standalone level is INR2,174 crore, which includes INR1,903 crore from HAM debtors.
Q: And payable was how much as on June?
A: Payable is around INR850 crore.
Q: Total equity to be infused now, how much is required?
A: For the current year, we are expecting INR600 crore, but the total equity infusion required for ongoing projects is INR2,000 crore.
Q: Is there any change in revenue growth guidance for FY25 and FY26?
A: No change. We expect flat revenue growth for FY25 and 15% to 20% growth for FY26.
Q: What is the total order inflow expected for the full year?
A: We are targeting INR15,000 crore in total order inflow for the year.
Q: Can you provide an update on the tender pipeline for NHAI?
A: The pipeline has been slow due to elections, but the government has approved 48-49 projects worth almost INR50,000 crore. We expect more projects to be awarded in the next 3-6 months.
Q: What is the status of the 16 bids submitted amounting to INR15,318 crore?
A: Out of the INR15,318 crore, around INR10,000 crore is for road projects, and the balance is for power transmission and railways.
Q: What is the expected revenue contribution from the current order book for FY26?
A: From the INR7,000 crore where the appointed date is awaited, we can expect around 30%-35% to convert into revenue for FY26. The existing executable order book of INR8,500 crore will be completed by FY26.
Q: What is the guidance for other income for the current and next year?
A: For the current year, we expect around INR225 crore from other income, primarily from dividends and interest. For the next year, it could be in the range of INR300 crore to INR350 crore.
Q: What is the CapEx plan for the current year and next year?
A: For Q1, we have done INR21 crore in CapEx. For the full year, we are targeting around INR150 crore. This includes investments in office buildings.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
