Ahuwalia Contracts (India) (532811) Q2 24/25 earnings summary

Executive summary

• Q2 FY25 turnover reached INR 1,011.48 crores (₹10,115 Mn), up 12.19% year-over-year, with net profit at INR 38.36 crores (₹3,854 lakhs), reflecting sequential and year-over-year growth.

• H1 FY25 turnover was INR 1,930.83 crores, with PAT at INR 68.96 crores, both showing revenue growth but a decline in profitability compared to H1 FY24.

• Net order book as of September 30, 2024, stands at INR 16,193.45 crores (₹161,934 Mn), executable over the next 2–2.5 years, with YTD order inflows of ₹77,944 Mn.

• Unaudited standalone and consolidated financial results for the quarter and half year ended September 30, 2024, were approved by the Board on November 14, 2024.

• Statutory auditors issued an unmodified review report for both standalone and consolidated results.

Financial highlights

• Q2 FY25 EPS was INR 5.73 (₹5.77), down from INR 8.26 (₹4.56) in Q2 FY24.

• Q2 FY25 EBITDA margin was 7.25% (7.3%), PAT margin was 3.79% (6.1%).

• H1 FY25 EBITDA margin was 6.93% (vs. 10.36%); PAT margin was 3.57% (vs. 6.31%).

• Gross debt stands at INR 9 crores.

• Net worth increased to ₹16,021 Mn in FY24.

Outlook and guidance

• FY25 revenue growth guidance maintained at 15%; EBITDA margin expected around 9%.

• FY26 revenue growth targeted at 15–20%, with margins expected to cross double digits.

• Order inflow for FY25 expected to reach about INR 8,800 crores; FY26 order inflow guidance is INR 5,000–6,000 crores.

• CapEx for FY25 revised down to INR 130–175 crores, with a focus on cost control and selective equipment rental.

• Industry outlook is positive, driven by strong infrastructure and real estate demand.