G R Infraprojects (GRINFRA) Q4 23/24 earnings summary

Executive summary

• FY24 standalone revenue declined 4.41% YoY; PAT rose to ₹197,743.15 lakh, including substantial exceptional gains from asset and subsidiary transactions.

• Consolidated revenue fell 5.29% and PAT fell 9.04% YoY; the order book was ₹1,678,061 lakh at 31 March 2024.

• The revised Annual Report corrected typographical omissions and dates; the financial statements were unchanged.

Financial highlights

• Standalone revenue from operations was ₹778,796.44 lakh, down 4.41% YoY; EBITDA was ₹136,073.84 lakh versus ₹149,398.72 lakh.

• Standalone PBT before exceptional items was ₹101,270.31 lakh versus ₹114,611.53 lakh; PAT was ₹197,743.15 lakh versus ₹85,176.80 lakh.

• Excluding exceptional gains, standalone PAT was ₹75,560.65 lakh and PAT margin was 9.70%; standalone EBITDA margin was 14.58% versus 16.12%.

• Consolidated revenue was ₹898,015.01 lakh, down 5.29%; PAT was ₹132,296.63 lakh, down 9.04%, and EPS was ₹136.90 versus ₹150.42.

• Consolidated finance costs rose 27.45% to ₹56,460.99 lakh; other income increased 17.71% to ₹10,275.62 lakh.

Outlook and guidance

• FY25 order inflow target: ₹15,000–20,000 crore, with bids across roads, rail, metro, power transmission and other sectors.

• Working capital days targeted to normalize to 35–45 days; anticipated dividend and interest income from InvIT units is ~₹22,500 lakh.

• Remaining performance obligations totaled ₹1,655,415.44 lakh, expected to be recognized as projects are completed over the next 24–30 months.