G R Infraprojects Ltd

- 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.

- 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).

- 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.

- 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.

- 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.