Current/ Expected Orderbook/ Pending Orders?

As of 31st March 2023, the company's order book value was Rs. 26,780 crores. Letters of Award (LOA) are still pending for Rs. 7,250 crores where the company is L1. Additionally, LOA is pending for one project worth Rs. 737 crores opened this year. L1 projects worth approx Rs. 7,000 crores are excluded from the current order book. Targeting order inflow north of Rs. 20,000 crores for the current year. - Rs. 10,000 crores expected from road HAM projects. - Rs. 5,000 to 6,000 crores expected from EPC projects including road, tunnel, and other civil works. - Rs. 3,000 to 4,000 crores from po

Any current/future new fundraising through debt or equity?

Current year equity infusion targeted around Rs. 850 to 900 crores. Future equity infusion expected to be in the range of Rs. 800 crores annually for FY25 and FY26. Total equity required for BOT projects is around Rs. 2,350 crores. No specific mention of new debt fundraising in the transcript, but consolidated borrowings stood at Rs. 5,679 crores at the end of FY23. The company continues to invest in subsidiaries with loans and equity amounting to Rs. 1,950 crores as of FY23. No clear indication of upcoming large new debt or equity fundraises beyond the planned equity infusion mentioned.

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

Equity infusion planned for FY24 is around Rs. 850 crores to Rs. 900 crores, with future years expecting around Rs. 800 crores annually. (Page 8) CAPEX for FY24 is targeted between Rs. 200 crores to Rs. 300 crores, depending on the number and type of projects (more EPC projects could push CAPEX closer to Rs. 300 crores; more HAM projects would align CAPEX with depreciation/replacement). (Page 11) Investments include Rs. 500 crores made during FY23, with total equity requirement around Rs. 2,350 crores for BOT projects. (Page 12) Strategic investment in new segments like ropeway and Multi-Modal

Future growth expectations in sales/revenue/volumes?

Targeting order inflow north of Rs. 20,000 crores for the current year. Expected revenue growth of around 10% for the year. Focus on expanding EPC projects, targeting Rs. 5,000 to Rs. 7,000 crores in EPC order inflows, including roads, tunnels, power, and ropeway projects. Road HAM projects expected to contribute around Rs. 10,000 crores to order inflow. New segments like ropeway and multi-modal logistic parks are being explored for future growth. Anticipate increased participation in state government EPC projects due to better financing and central government aid. Margins expected: 14-15% in

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

The company targets order inflow north of Rs. 20,000 crores in the current year, with Rs. 10,000 crores from HAM projects, Rs. 5,000-6,000 crores from EPC (road, tunnel, civil works), and Rs. 3,000-4,000 crores from power ropeway projects. Expected revenue growth is around 10% for FY24 driven by increased EPC project participation, especially at the state government level. Focus on large EPC projects (Rs. 2,000-2,500 crores revenue target) with order book aiming at Rs. 5,000-8,000 crores. EBITDA margins expected around 12-13% for EPC projects and 14-15% for HAM projects, with tunneling and rop

G R Infraprojects LtdQ4 FY23Construction

G R Infraprojects Ltd Q4 FY23 Earnings Call Analysis

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

Price: ₹774.95P/E: 8.0Market Cap: ₹7.5K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

Targeting order inflow north of Rs. 20,000 crores for the current year.
Expected revenue growth of around 10% for the year.
Focus on expanding EPC projects, targeting Rs. 5,000 to Rs. 7,000 crores in EPC order inflows, including roads, tunnels, power, and ropeway projects.
Road HAM projects expected to contribute around Rs. 10,000 crores to order inflow.
New segments like ropeway and multi-modal logistic parks are being explored for future growth.
Anticipate increased participation in state government EPC projects due to better financing and central government aid.
Margins expected: 14-15% in BOT projects and 12-13% in EPC projects.
Railways EPC engagements like track laying and tunneling are potential growth areas.
Limited competition in large-sized state EPC projects expected to provide growth opportunities.

Margin guidance

Category 1

The company targets order inflow north of Rs. 20,000 crores in the current year, with Rs. 10,000 crores from HAM projects, Rs. 5,000-6,000 crores from EPC (road, tunnel, civil works), and Rs. 3,000-4,000 crores from power ropeway projects.
Expected revenue growth is around 10% for FY24 driven by increased EPC project participation, especially at the state government level.
Focus on large EPC projects (Rs. 2,000-2,500 crores revenue target) with order book aiming at Rs. 5,000-8,000 crores.
EBITDA margins expected around 12-13% for EPC projects and 14-15% for HAM projects, with tunneling and ropeway segments targeting higher margins (>15% for ropeway).
Consolidated PAT margins have recently improved due to interest income, but future PAT margin guidance points to stable margins around standalone levels (~12% EPS growth seen FY22 to FY23).
CAPEX guidance is Rs. 200-300 crores for FY24 to support project execution.

See what G R Infraprojects Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Current year equity infusion targeted around Rs. 850 to 900 crores.
Future equity infusion expected to be in the range of Rs. 800 crores annually for FY25 and FY26.
Total equity required for BOT projects is around Rs. 2,350 crores.
No specific mention of new debt fundraising in the transcript, but consolidated borrowings stood at Rs. 5,679 crores at the end of FY23.
The company continues to invest in subsidiaries with loans and equity amounting to Rs. 1,950 crores as of FY23.
No clear indication of upcoming large new debt or equity fundraises beyond the planned equity infusion mentioned.

Order book

As of 31st March 2023, the company's order book value was Rs. 26,780 crores.
Letters of Award (LOA) are still pending for Rs. 7,250 crores where the company is L1.
Additionally, LOA is pending for one project worth Rs. 737 crores opened this year.
L1 projects worth approx Rs. 7,000 crores are excluded from the current order book.
Targeting order inflow north of Rs. 20,000 crores for the current year.
- Rs. 10,000 crores expected from road HAM projects.
- Rs. 5,000 to 6,000 crores expected from EPC projects including road, tunnel, and other civil works.
- Rs. 3,000 to 4,000 crores from power ropeway projects.
Anticipated to execute around Rs. 2,000 to 2,500 crores of EPC projects in the current year.
The company expects more EPC projects from state governments with limited BOT projects.

See what G R Infraprojects Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Equity infusion planned for FY24 is around Rs. 850 crores to Rs. 900 crores, with future years expecting around Rs. 800 crores annually. (Page 8)
CAPEX for FY24 is targeted between Rs. 200 crores to Rs. 300 crores, depending on the number and type of projects (more EPC projects could push CAPEX closer to Rs. 300 crores; more HAM projects would align CAPEX with depreciation/replacement). (Page 11)
Investments include Rs. 500 crores made during FY23, with total equity requirement around Rs. 2,350 crores for BOT projects. (Page 12)
Strategic investment in new segments like ropeway and Multi-Modal Logistic Park (MMLP) with an investment of approximately Rs. 800 crores, targeted for long-term returns over 45 years. (Page 15)
JV with IndiGrid involves equity participation for transmission projects, with models including equity infusion during construction and asset transfer post-completion. (Page 11-12)

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