G R Infraprojects (GRINFRA) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 revenue from operations was ₹1,500.53 crore standalone and ₹1,694.50 crore consolidated, with profit after tax rising to ₹168.6 crore standalone and ₹262.6 crore consolidated, supported by improved EBITDA margin to 12.82%.

• The order book at Q3 end stood at ₹19,971 crore, with L1 status for new projects worth ₹3,084 crore, and continued focus on highways, railways, and transmission.

• Board approved unaudited financial results for Q3 FY25, with statutory auditors finding no material misstatements.

• Significant gains from asset sales, including the sale of seven subsidiaries to Indus Infra Trust and GR Aligarh Kanpur Highway Private Limited.

• Diversification into non-road sectors and operational efficiency support future growth.

Financial highlights

• Standalone revenue fell by ₹306 crore year-over-year; consolidated revenue dropped by ₹439 crore, but standalone total income for Q3 FY25 rose 28.88% YoY to ₹16,228 Mn.

• Standalone EBITDA margin improved to 12.82% (₹1,923 Mn); group-level EBITDA margin at 21.82%.

• Standalone PAT margin increased to 11.24% (₹1,686 Mn); consolidated PAT margin at 15.50% (₹2,626 Mn).

• Net worth at Q3 end: ₹7,636 crore standalone, ₹8,220 crore consolidated.

• Working capital days increased to 124 from 112, mainly due to higher SPV debtors.

Outlook and guidance

• FY25 expected to close with 10–12% revenue degrowth; Q4 revenue to match last year’s Q4.

• FY26 guidance: 9–12% revenue growth, targeting double-digit growth as new projects commence.

• FY26 order inflow target set at ₹20,000 crore, with significant focus on non-road sectors.

• Management will assess the impact of the new Code on Social Security, 2020, once rules are notified.

• Declared L1 for major road and rail projects in January 2025, supporting future revenue visibility.