G R Infraprojects (GRINFRA) Q4 22/23 earnings summary

Executive summary

• FY23 consolidated revenue from operations rose 12.10% YoY to ₹9,48,151.49 lakh; PAT increased 74.83% to ₹1,45,442.68 lakh. Standalone revenue grew 2.88% and PAT 11.95%.

• Diversification expanded beyond roads into ropeways, tunnels and multi-modal logistics parks, alongside railway, metro, power transmission and hydro opportunities.

Financial highlights

• Consolidated total income was ₹9,56,881.01 lakh; EBITDA ₹2,64,099.76 lakh and EPS ₹150.42, versus ₹83,191.35 lakh PAT and ₹86.04 EPS in FY22.

• Standalone total income was ₹8,32,848.91 lakh; EBITDA ₹1,49,398.72 lakh and PAT ₹85,176.80 lakh, up 11.95% YoY; EPS was ₹88.09.

• Consolidated finance costs rose 5.41% to ₹44,301.10 lakh; depreciation and amortisation declined 12.78% to ₹24,565.16 lakh.

• Consolidated operating cash flow was ₹18,441.09 lakh, while cash and equivalents fell to ₹21,119.75 lakh from ₹60,385.18 lakh.

Outlook and guidance

• Order book stood at ₹26,780 crore at March 31, 2023, including L1 projects worth ₹7,250 crore; the remaining performance obligations of ₹19,52,944.64 lakh were expected to be recognised over 24–30 months.

• FY23 awards included seven HAM road projects worth ₹6,550 crore, one logistics park worth ₹758 crore, two ropeway projects worth ₹3,613 crore and two tunnel projects worth ₹4,135 crore; some awards awaited formal letters of award.

• Strategic priorities include selective bidding, expanding into railways, metro, ropeways, power transmission and logistics parks, improving execution efficiency, and monetising BOT/HAM assets.

• The value-creation plan targets revenue of ₹20,000 crore by 2025; an InvIT IPO was targeted for launch before September 2023-end, subject to SEBI and NHAI approvals.