Ahuwalia Contracts (India) (532811) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 turnover was INR 951.95 crore (₹9,520 Mn) with PAT of INR 49.39 crore (₹494 Mn), reflecting a 7.26% decline in turnover and 30.10% decline in PAT year-over-year.

• Nine months FY25 turnover reached INR 2,882.79 crore (₹288,278.68 lakhs) with PAT at INR 118.35 crore, up from INR 2,691.64 crore and PAT of INR 175.69 crore in the prior year period.

• Order book as of 31/12/2024 stands at INR 16,258.44 crore (₹162,584 Mn), with FY25 order inflow at INR 7,794.37 crore (₹77,944 Mn).

• Pan-India presence with over 50 ongoing projects across 17 states and one overseas location.

• Board approved unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2024.

Financial highlights

• Q3 FY25 EPS was INR 7.37, down from INR 10.55 in Q3 FY24; consolidated basic and diluted EPS for Q3 FY25 were ₹7.39.

• Q3 FY25 EBITDA margin was 8.86% (vs. 10.90% last year); PAT margin was 5.11% (vs. 6.82%).

• Nine months FY25 EBITDA margin was 7.57% (vs. 10.56%); PAT margin was 4.05% (vs. 6.47%).

• FY24 total income reached ₹38,919 Mn, EBITDA was ₹3,885 Mn, and PAT was ₹3,755 Mn, with a PAT margin of 9.6%.

• Standalone income from operations grew at a 3-year CAGR of 25%, EBITDA at 36%, and PAT at 69%.

Outlook and guidance

• FY25 revenue growth expected at 8.5%-9%, below earlier 10% guidance due to NGT bans in NCR.

• FY26 revenue growth guidance set at 15%+, with double-digit EBITDA margin expected.

• Order inflow for FY26 projected to be similar to FY25, around INR 7,800 crore.

• Q4 FY25 expected to see margin improvement, targeting around 10%.

• Construction industry in India projected to reach $1.4 Tn by 2025, with real estate sector expected to hit $1 Tn by 2030.