G R Infraprojects (GRINFRA) Q4 18/19 earnings summary

Executive summary

• FY19 was a record growth year: standalone revenue rose 59.27% YoY to ₹495,018.30 lakh, EBITDA rose 74.37% to ₹107,477.81 lakh, and PAT rose 51.69% to ₹59,571.46 lakh.

• Growth was supported by a ₹192bn order book, expansion into railways and HAM projects, and stronger execution capacity; the 393 km Nagaur–Mukundgarh HAM project finished ~13 months ahead of schedule.

Financial highlights

• Consolidated revenue from operations was ₹528,258.39 lakh versus ₹318,236.19 lakh in FY18; consolidated EBITDA was ₹131,404.18 lakh versus ₹64,011.76 lakh.

• Consolidated PAT was ₹72,056.22 lakh versus ₹39,947.27 lakh; standalone PBT was ₹83,104.40 lakh versus ₹47,276.50 lakh.

• Standalone EPS was ₹61.44 versus ₹40.50; consolidated EPS was ₹74.31 versus ₹41.20, following retrospective adjustment for the share split.

• Standalone operating cash flow was ₹65,163.86 lakh versus cash used of ₹411.26 lakh in FY18; consolidated operating cash flow used ₹27,328.32 lakh versus ₹37,090.71 lakh used.

Outlook and guidance

• Entered FY20 with a record order book and a strong pipeline of high-quality projects; management expected sustained growth, supported by expanded capabilities and execution capacity.

• Strategy prioritised bidding for HAM projects and larger-ticket contracts to support margin expansion, reduce balance-sheet strain, and improve project cost coverage.

• Plans included deepening railway EPC work, entering additional states, and pursuing adjacent EPC opportunities; no quantified revenue or earnings guidance was stated.