PSP Projects (PSPPROJECT) Q2 24/25 earnings summary

Executive summary

• Incorporated in 2008, the company operates as an integrated EPC player with a diversified project portfolio across six Indian states, serving industrial, institutional, government, and residential sectors.

• Consolidated revenue from operations for the quarter ended September 30, 2024, was ₹58,596.62 lakh, with total income at ₹59,053.81 lakh.

• Net profit after tax and share in profit/loss of joint ventures for the quarter was ₹1,021.73 lakh; for the half year, it was ₹4,490.17 lakh.

• Achieved a 7-year CAGR of 29.61% in revenue, 21.76% in EBITDA, and 16.93% in PAT from FY17 to FY24.

• As of September 2024, the order book stands at ₹6,546 crore, with 55 ongoing projects and a workforce exceeding 1,950.

Financial highlights

• Q2FY25 revenue from operations was ₹578 crore, down 5% YoY; EBITDA fell 47% YoY to ₹39 crore; PAT declined 72% YoY to ₹11 crore.

• H1FY25 revenue grew 7% YoY to ₹1,190 crore, but EBITDA dropped 19% YoY to ₹112 crore and PAT fell 40% YoY to ₹45 crore.

• Half-year consolidated revenue from operations reached ₹1,20,902.83 lakh, up from ₹1,13,327.98 lakh year-over-year.

• FY24 revenue reached ₹2,462 crore, EBITDA ₹262 crore, and PAT ₹124 crore.

• EBITDA margin for H1FY25 was 9.4%, and PAT margin was 3.8%.

Outlook and guidance

• Management expects continued organic growth, focusing on timely project execution and quality.

• Order book growth of 34% YoY as of H1FY25, with order inflow of ₹1,445 crore during the period.

• The group does not foresee any material financial implication from the ongoing legal dispute regarding the terminated PAC Mahila Batallion project in Uttar Pradesh.