Afcons Infrastructure (AFCONS) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 total income was ₹3,332 Cr, up 5% year-over-year; 9M FY25 income was ₹9,635 Cr, down 2% year-over-year.

• Q3 FY25 EBITDA rose 14.1% year-over-year to ₹448 Cr, with margin improving to 13.5%.

• PAT for Q3 FY25 surged 35.7% to ₹149 Cr; 9M FY25 PAT was ₹376 Cr, up 23.3% year-over-year.

• Order book as of December 2024 stood at ₹38,021 Cr, with ₹14,603 Cr order inflow in 9M FY25 and L1 position for ₹10,662 Cr.

• Net debt reduced to ₹2,692 Cr as of December 2024, down from ₹3,402 Cr in September 2024.

Financial highlights

• Q3 FY25 EBITDA margin at 13.5%, up from 12.3% in Q3 FY24; 9M FY25 EBITDA margin at 12.9%.

• PAT margin for Q3 FY25 at 4.5%, up from 3.4% in Q3 FY24; 9M FY25 PAT margin at 3.9%.

• ROCE for 9M FY25 at 16.6%; ROE at 11.7%.

• Net debt-to-equity improved to 0.5x; book-to-bill ratio at 3.1x for 9M FY25.

• EPS for 9M FY25 was ₹10.22.

Outlook and guidance

• FY25 revenue expected to be flat or show nominal growth; FY26 revenue growth guidance is 20%-25%.

• FY26 order inflow guidance is ₹25,000 Cr.

• Medium to long-term CAGR target of 15%-16% maintained.

• EBITDA margin guidance remains at 11%+, though current performance is above this level.

• Focus on sustainable, profitable growth, cost rationalization, and international expansion.