Current/ Expected Orderbook/ Pending Orders?

Current order backlog is around INR30,000 to INR35,000 crores by the end of the fiscal year. Executable order book is approximately INR19,000 crores, with about INR11,000 crores confirmed and INR8,900 crores pending appointed dates. Order book includes INR7,250 crores of L1 projects. There are 11 projects with pending appointed dates, excluding L1 projects. Pipeline of bidding opportunities stands at approximately INR90,000 crores, with INR75,000 crores related to roads. Target order inflow for the current year is INR20,000 crores (EPC value, excluding GST). The company is focusing more on lar

Any current/future new fundraising through debt or equity?

For FY’24, the company plans capital expenditure (capex) in the range of INR 200 crores ± INR 50 crores. Capital contribution to HAM projects is guided at INR 800-900 crores annually for the next 1-2 years. Equity infusion includes ongoing investment in power transmission projects; current year’s equity infusion plan accounts for this. Net debt has reduced by INR 400 crores compared to March 2023, and the company expects debt levels to remain stable through FY’24. Debt-to-equity ratio on a standalone basis is currently 0.16 and is expected to remain around this level for the next 1-1.5 years.

Any current/future capex/capital investment/strategic investment?

FY’24 capex guidance is around INR 200 crores ± INR 50 crores (Page 15). Capital contribution to HAM projects for next three years is guided at INR 800-900 crores annually, excluding any new projects secured later (Page 13-14). Equity infusion of about INR 650 crores incrementally expected in FY’24, which includes ongoing power transmission project equity (around INR 1 billion) (Page 15). Power transmission project equity is being infused continuously as part of the current year’s equity plan (Page 15). Future equity plans may change upward if new projects under HAM or others come thro

Future growth expectations in sales/revenue/volumes?

FY24 growth expected in the range of 5% to 10%, potentially higher than 10% with more EPC projects secured. Growth for FY25 anticipated to be higher than FY24, possibly exceeding 15%, especially if more EPC orders are won. Revenue growth in FY24 may be modest due to delays in project awards like Ropar; any contribution from these will be minimal. Backlog expected around INR30,000 to INR35,000 crores by FY24-end, with faster execution on EPC and slower on HAM projects. Order inflow guidance for FY24 is INR20,000 crores of fresh orders, not including L1s. Average EBITDA margins expected to remai

Future growth expectations in earnings/operating earnings/profits/EPS?

FY24 growth guidance: 5% to 10% revenue growth, potentially higher than 10% if more EPC projects are secured. FY25 growth outlook: Expected to exceed 15%, possibly reaching 15%-20% if the project mix favors EPC, which executes faster. Margins: Standalone EBITDA margin steady around 14.5%-15%; EPC margins targeted at 12%-13%, HAM projects targeted at 14%-16%. Earnings/Profits: PAT margin improved, with standalone PAT increasing by 8% QoQ in Q1 FY24. EPS expected to benefit from growth in both EPC and HAM segments; higher order inflows of approx. INR20,000 crores anticipated in FY24 supporting f

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G R Infraprojects LtdQ2 FY23Construction

G R Infraprojects Ltd Q2 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹926P/E: 10.4Market Cap: ₹9.0K CrSector: Construction

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 4

→FY24 growth expected in the range of 5% to 10%, potentially higher than 10% with more EPC projects secured.
→Growth for FY25 anticipated to be higher than FY24, possibly exceeding 15%, especially if more EPC orders are won.
→Revenue growth in FY24 may be modest due to delays in project awards like Ropar; any contribution from these will be minimal.
→Backlog expected around INR30,000 to INR35,000 crores by FY24-end, with faster execution on EPC and slower on HAM projects.
→Order inflow guidance for FY24 is INR20,000 crores of fresh orders, not including L1s.
→Average EBITDA margins expected to remain stable; EPC margins around 12%-13%, HAM margins 14%-16%.
→Project execution acceleration depends on awarded projects' appointed dates, mostly expected in quarters 3 and 4 of FY24.

Margin guidance

Category 3

→FY24 growth guidance: 5% to 10% revenue growth, potentially higher than 10% if more EPC projects are secured.
→FY25 growth outlook: Expected to exceed 15%, possibly reaching 15%-20% if the project mix favors EPC, which executes faster.
→Margins: Standalone EBITDA margin steady around 14.5%-15%; EPC margins targeted at 12%-13%, HAM projects targeted at 14%-16%.
→Earnings/Profits: PAT margin improved, with standalone PAT increasing by 8% QoQ in Q1 FY24.
→EPS expected to benefit from growth in both EPC and HAM segments; higher order inflows of approx. INR20,000 crores anticipated in FY24 supporting future earnings.
→Debt level stable with a debt-equity ratio around 0.16, supporting financial prudence and profitability.
→Overall, the company expects steady margin profile and improving earnings driven by order backlog and EPC growth.

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Fundraise plans

Yes

→For FY’24, the company plans capital expenditure (capex) in the range of INR 200 crores ± INR 50 crores.
→Capital contribution to HAM projects is guided at INR 800-900 crores annually for the next 1-2 years.
→Equity infusion includes ongoing investment in power transmission projects; current year’s equity infusion plan accounts for this.
→Net debt has reduced by INR 400 crores compared to March 2023, and the company expects debt levels to remain stable through FY’24.
→Debt-to-equity ratio on a standalone basis is currently 0.16 and is expected to remain around this level for the next 1-1.5 years.
→Funding and non-fund based credit facilities total around INR 5,500 crores with utilization at 40-45%.
→No explicit new debt/equity fundraising mentioned beyond ongoing equity infusion and capex plans.

Order book

→Current order backlog is around INR30,000 to INR35,000 crores by the end of the fiscal year.
→Executable order book is approximately INR19,000 crores, with about INR11,000 crores confirmed and INR8,900 crores pending appointed dates.
→Order book includes INR7,250 crores of L1 projects.
→There are 11 projects with pending appointed dates, excluding L1 projects.
→Pipeline of bidding opportunities stands at approximately INR90,000 crores, with INR75,000 crores related to roads.
→Target order inflow for the current year is INR20,000 crores (EPC value, excluding GST).
→The company is focusing more on large EPC projects (ticket size above INR1,000 crores) to reduce competition.
→Pending orders related to appointed dates are expected to contribute 5%-10% of growth, with some appointed dates expected by Q4.

Capex plans

Yes

→FY’24 capex guidance is around INR 200 crores ± INR 50 crores (Page 15).
→Capital contribution to HAM projects for next three years is guided at INR 800-900 crores annually, excluding any new projects secured later (Page 13-14).
→Equity infusion of about INR 650 crores incrementally expected in FY’24, which includes ongoing power transmission project equity (around INR 1 billion) (Page 15).
→Power transmission project equity is being infused continuously as part of the current year’s equity plan (Page 15).
→Future equity plans may change upward if new projects under HAM or others come through (Page 15).
→Working capital days improved from 104 to 92 days by June 2023, reflecting better capital management (Page 5).
→Strategic diversification focusing on EPC and HAM projects to reduce competition and tap bigger projects (Page 6).

How does G R Infraprojects Ltd rank vs peers in Construction?

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