G R Infraprojects (GRINFRA) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 revenue performance is mixed, with one report showing a 12% decline to INR 1,897 crore and another indicating a 13.23% increase to ₹23,103 million, while EBITDA margin ranged from 13% to 17.69% and PAT margin reached 12.23% (excluding exceptional items).

• Order book as of June 30, 2024, is reported at INR 19,075 crore or ₹149,746 million, with potential to rise to ₹193,208 million upon confirmation of new projects; 22 projects are ongoing, 7 awaiting appointed dates.

• Management targets INR 20,000 crore in new orders for FY25, with INR 5,000–7,000 crore expected from non-road sectors and double-digit growth in FY26, contingent on timely project starts.

• Board meeting on 1st August 2024 resulted in a revised outcome submission, confirming no changes to financial results.

Financial highlights

• Standalone revenue for Q1 FY25 is reported as INR 1,897 crore (down 12% YoY) or ₹23,103 million (up 13.23% YoY); consolidated revenue is INR 2,030 crore or ₹20,513 million.

• Standalone EBITDA margin ranged from 13% to 17.69%; group EBITDA margin fell to 18% (from 24.51%).

• Standalone PAT was INR 196 crore or ₹2,758 million (up 29.04% YoY, excluding exceptional items); consolidated PAT was INR 199.8 crore or ₹1,561 million.

• Other income rose to INR 108 crore, mainly due to recurring InvIT dividend.

Outlook and guidance

• FY25 revenue is expected to be flat (±5%), with 15–20% growth targeted for FY26, depending on project execution and order inflow.

• EBITDA margin guidance is 12–13% for FY25, with potential to return to 14–15% if growth resumes.

• Order inflow target for FY25 is INR 20,000 crore, with INR 5,000–7,000 crore from non-road sectors.

• Order book expected to increase significantly with new project wins, supporting future revenue visibility.