Afcons Infrastructure (AFCONS) Q4 21/22 earnings summary

Executive summary

• FY22 consolidated total income rose 18.36% YoY to ₹11,269.54 crore; PAT before minority interest increased 110.49% to ₹357.60 crore. Order book was ₹32,805 crore at year-end.

• New orders of ₹16,884 crore were secured during FY22; the order book provided revenue visibility for the next 3 years.

Financial highlights

• Consolidated revenue from operations was ₹11,018.96 crore vs ₹9,375.57 crore; PBT ₹406.55 crore vs ₹290.50 crore; PAT ₹357.60 crore vs ₹169.89 crore.

• Consolidated EBITDA was ₹1,068.59 crore, up 19.08% YoY; total expenses rose to ₹10,862.99 crore from ₹9,230.63 crore.

• Standalone total income grew 17.90% to ₹10,792.51 crore; PBT rose 11.77% to ₹283.04 crore and PAT increased 105.91% to ₹259.30 crore.

• Consolidated operating cash flow was ₹610.45 crore vs ₹928.88 crore; cash and cash equivalents ended FY22 at ₹447.08 crore vs ₹612.52 crore.

Outlook and guidance

• Management expected continued growth from India’s infrastructure investment and planned to expand overseas operations, prioritizing on-time or early project delivery.

• Order book supported revenue visibility for 3 years; management cited a strong order book and 18–24 months of revenue visibility in its COVID-19 assessment.

• Global recession risks, debt stress in some African markets and possible project deferrals could weigh on overseas procurement in FY23.