G R Infraprojects (GRINFRA) Q4 21/22 earnings summary

Executive summary

• FY 2021-22 consolidated revenue from operations rose 7.83% YoY to ₹8,45,834.76 lakh; PAT fell 12.87% to ₹83,191.35 lakh.

• Order book stood at ₹13,103.90 crore at March 31, 2022; ten awards during the year totaled ~₹9,350 crore.

• Strategy centers on disciplined road EPC/HAM bids, project execution, diversification into rail, metro and power transmission, and recycling capital through a proposed InvIT.

Financial highlights

• Consolidated total income was ₹8,52,496.55 lakh vs ₹7,91,428.76 lakh in FY 2020-21; EBITDA was ₹1,80,206.72 lakh vs ₹1,91,988.52 lakh.

• Consolidated PBT declined 17.45% YoY to ₹1,09,884.01 lakh; PAT fell 12.87% to ₹83,191.35 lakh.

• Standalone revenue from operations increased 9.31% to ₹7,91,917.53 lakh; PAT decreased 2.54% to ₹76,081.54 lakh.

• Consolidated operating cash flow was ₹14,800.94 lakh, recovering from ₹45,683.25 lakh of outflow in FY 2020-21.

Outlook and guidance

• Unexecuted performance obligations totaled ₹13,10,390.26 lakh, expected to be recognized over the next 24–30 months as projects are completed.

• Management expects a decent growth trajectory from government-led infrastructure opportunities, while maintaining selective bidding rather than accepting uneconomic margins.

• Priorities include accelerating execution, investing in equipment and assets, expanding non-road businesses, and pursuing monetization of BOT/HAM assets.