G R Infraprojects (GRINFRA) Q4 20/21 earnings summary

Executive summary

• Integrated road infrastructure and EPC operations delivered FY21 growth despite COVID-related disruption; most sites remained operational, while lockdowns reduced productivity.

• IPO was subscribed 102.58 times; shares listed on NSE and BSE on 19 July 2021, after FY21 close.

Financial highlights

• Consolidated revenue from operations rose 23.08% to ₹7,84,413.05 lakhs; PAT increased 25.31% to ₹95,482.92 lakhs in FY21.

• Consolidated EBITDA was ₹1,91,988.52 lakhs versus ₹1,58,457.80 lakhs; EPS increased to ₹98.48 from ₹78.59.

• Standalone revenue from operations increased 20.18% to ₹7,24,445.50 lakhs; EBITDA rose 7.70% to ₹1,43,786.65 lakhs and PAT rose 13.33% to ₹78,060.92 lakhs.

• Consolidated PBT increased 20.74% to ₹1,33,110.04 lakhs; standalone PBT rose 6.83% to ₹1,07,145.18 lakhs.

Outlook and guidance

• Order book stood at ₹19,02,580.53 lakhs at 31 March 2021, supporting management’s expectation of stronger FY22 growth.

• Strategy prioritizes high-quality, higher-value road EPC/HAM work, disciplined bidding, project delivery and expansion into rail, metro and optical-fibre projects.

• CRISIL Research expected private national-highway construction investment to double to ₹1.5 trillion in FY20–25 versus the prior five years.