PSP Projects (PSPPROJECT) Q4 23/24 earnings summary

Executive summary

• FY24 delivered record revenue and order wins; year-end order book reached ₹6,049 crore, up 20% YoY, with 30–36 months of revenue visibility.

• Profitability was pressured by higher interest, depreciation and material costs, alongside a settlement of the Surat Diamond Bourse account; a ₹244 crore QIP in April 2024 strengthened the balance sheet.

Financial highlights

• Consolidated revenue from operations was ₹2,505.79 crore, up 29% YoY; total income was ₹2,530.01 crore.

• Consolidated PAT attributable to owners was ₹122.97 crore versus ₹131.94 crore; EPS was ₹34.16 versus ₹36.65.

• Consolidated EBITDA was ₹260.94 crore, up 13% YoY; EBITDA margin eased to 10.41% from 11.87%.

• Standalone EBITDA rose 16% to ₹261.64 crore, while PAT fell 7% to ₹123.80 crore; standalone EBITDA margin declined to 10.62% from 11.68%.

• Operating cash flow was negative ₹223.98 crore versus positive ₹45.28 crore in FY23, amid working-capital absorption; capex increased to ₹147.51 crore from ₹72.34 crore.

Outlook and guidance

• Order book of ₹6,049 crore supports 30–36 months of revenue visibility; a bid book near ₹6,000 crore carries an expected 8–10% bidding strike rate.

• Management expects higher precast revenue in FY25 and forecasts superior revenue and profitability, with growth focused on EPC, precast, larger projects and geographic expansion beyond Gujarat.

• Precast plant capacity is 450 m³ per day; further expansion may be considered as current capacity is substantially filled with new orders.