Afcons Infrastructure (AFCONS) Q4 23/24 earnings summary

Executive summary

• FY24 consolidated total income rose 6.25% YoY to ₹13,646.88 crore; EBITDA increased 15.24% to ₹1,583.14 crore and PAT rose 9.47% to ₹449.76 crore.

• Order book stood at ₹30,961 crore at March 31, 2024, with new projects worth ₹7,783 crore secured during FY24.

• Major completions included the Chenab Bridge, Kanpur Metro Phase 1 works and Samruddhi Mahamarg Package 14; a trial train run crossed the Chenab Bridge on June 20, 2024.

Financial highlights

• Consolidated revenue from operations was ₹13,267.50 crore vs ₹12,637.38 crore; total income was ₹13,646.88 crore vs ₹12,844.09 crore.

• Consolidated PBT rose 12.28% YoY to ₹672.62 crore; PAT increased 9.47% to ₹449.76 crore. Standalone PAT was ₹442.12 crore vs ₹409.67 crore.

• Consolidated EBITDA was ₹1,583.14 crore vs ₹1,373.80 crore, up 15.24% YoY; consolidated EPS was ₹13.20 vs ₹12.06.

• Operating cash flow was ₹707.45 crore vs ₹1,215.45 crore; FY24 PP&E purchases were ₹716.40 crore.

• Other income rose to ₹379.38 crore from ₹206.71 crore, including arbitration-award interest income of ₹117.36 crore vs ₹34.61 crore.

Outlook and guidance

• FY25 domestic construction activity is expected to remain robust; the order book of ₹30,961 crore was cited as supporting medium-term revenue visibility.

• The market outlook remained optimistic for India and targeted overseas geographies, including Africa, neighbouring countries, the Middle East and Eastern Europe.

• Around 40% of unsatisfied contract transaction value of ₹35,924.03 crore is expected to be recognized as revenue in the next 12 months, subject to project progress.

• Post-year-end awards included Jamrani Dam works worth ₹2,021.99 crore and Reliance Jamnagar manufacturing-complex works worth ₹369.12 crore.