Afcons Infrastructure (AFCONS) Q3 24/25 earnings summary

Executive summary

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

• EBITDA for Q3 FY25 was ₹448 crore (13.5% margin), up 14.1% year-over-year; nine-month EBITDA was ₹1,247 crore (12.9% margin), up 13%.

• PAT for Q3 FY25 was ₹149 crore, up 36% year-over-year; nine-month PAT was ₹376 crore, up 23% year-over-year.

• Order book as of December 2024 stood at ₹38,021 crore, with ₹14,603 crore order inflow in nine months and L1 position for ₹10,662 crore more.

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

Financial highlights

• Q3 FY25 EBITDA margin improved to 13.5% from 12.3% in Q3 FY24; PAT margin for Q3 FY25 was 4.5%, up from 3.4% last year.

• Book-to-bill ratio at 3.1x, indicating strong revenue visibility.

• ROCE for nine months at 16.6%; ROE at 11.7%.

• Net debt-to-equity improved to 0.5x.

• 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 set at ₹25,000 crore.

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

• Order book expected to reach ₹45,000-₹50,000 crore by year-end, providing over 3x revenue visibility.

• Focus on sustainable, profitable growth, targeting large, complex projects and expanding internationally.