G R Infraprojects Ltd

- The company expects a total equity infusion of around Rs. 2,000 crores for ongoing projects, with Rs. 600 crores expected to be invested in the current year (Q1 FY25). - No explicit mention of new fundraising through debt or equity is made beyond this planned equity infusion. - The total standalone borrowing outstanding at the end of June 2024 stands at Rs. 840 crores, with a low debt-to-equity ratio of 0.11x. - Consolidated borrowing is around Rs. 4,528 crores with debt-to-equity of 0.58x. - No additional debt or equity fundraising plans are stated in the call for FY25; focus seems on managing existing capital and equity infusion for HAM projects. - Future capital expenditure is planned around Rs. 150-200 crores for office building and machinery, to be funded internally.

- Q1 FY25 CAPEX done: ~Rs. 21 crores. - Full year FY25 CAPEX target: Not more than Rs. 150 crores. - Rs. 100-150 crores of this CAPEX expected to be for office building construction, possibly spread over 1-2 years. - Depending on construction speed, total CAPEX on the building may increase to Rs. 150-200 crores. - No immediate plans for CAPEX beyond existing machinery; relying on current machinery for upcoming revenue growth. - Equity infusion expected: Rs. 600 crores in current year towards ongoing HAM projects; total equity needed around Rs. 2,000 crores. - No fixed bidding strategy yet for projects, but targeted order inflow around Rs. 20,000 crores expected, including both road and non-road projects. - Strategic diversification into other sectors underway, with cautious initial bidding to understand new sector dynamics.

- FY '25 revenue expected to be flattish, with possible +/- 5% growth depending on EPC projects start timings. - FY '26 revenue growth guidance is broadly 10% to 20%, with 10%-15% mentioned specifically. - Growth contingent on receipt and start of new orders, especially EPC projects and appointed dates (e.g., MSRDC project). - From Rs. 7,000 crores of orders awaiting appointed date, approximately 30%-35% could convert to revenue in FY '26. - Executable order book of Rs. 8,500 crores expected to be completed by FY '26. - Order inflow target for FY '25 is Rs. 20,000 crores, including Rs. 5,000-7,000 crores from non-road sectors. - Growth depends on bidding success and timing of appointed dates; delays may reduce growth. - Focus on diversifying portfolio (road, railway, metro, transmission) to sustain double-digit growth over the medium term.

- **Revenue Growth:** Expected flattish revenue for FY25 with potential 5% positive growth if new EPC projects start early; targeting double-digit growth (10%-20%) in FY26 depending on project inflows and timing. - **EBITDA Margin:** Current quarter standalone margin at 13%, down from 14.62%; expected to remain around 12%-13% in near term; potential to return to 14%-15% range with growth resumption. - **Order Inflow:** Targeting Rs. 20,000 crores in orders for FY25, with Rs. 5,000-7,000 crores from non-road sectors; new Rs. 7,000 crores order book awaiting appointed dates with ~30%-35% converting to revenue in FY26. - **Other Income:** Expecting Rs. 300-350 crores in other income (including InvIT dividends) annually. - **EPS and Profit:** Profit margins slightly pressure due to delayed projects but aim to maintain steady PAT margins; growth in EPS expected with order execution in FY26 and beyond. - **Strategic Focus:** Diversifying into railway, transmission, ropeways, and tunneling to improve margins and growth quality.

- Current order book as of June 30, 2024: Approximately Rs. 19,075 crores, including two EPC road projects in Maharashtra with L1 status. - Out of this, Rs. 7,000 crores worth of seven projects are awaiting appointed dates, expected by Q2 or Q3 FY25. - About Rs. 4,000 crores of projects are at L1 stage but not yet started. - Total pending projects (awaiting appointed date + L1) roughly Rs. 11,000-11,400 crores. - The company is targeting total order inflow of Rs. 20,000 crores for FY25. - Rs. 2.6 lakh crores pipeline exists across highway, railway, metro, transmission, tunnel, hydro, multimodal logistics. - Of Rs. 7,000 crores awaiting appointed date projects, 30%-35% expected to convert to revenue in FY26. - Executable order book of Rs. 8,500 crores expected to be completed by FY26.