G R Infraprojects Ltd

- Equity infusion: The company mentioned an equity requirement of around ₹2,100 crores for operational and under-construction HAM and power transmission projects to be infused over the next 2.5 years, with ₹150-200 crores expected in the remainder of fiscal 2024. Annual equity investment is expected to be in the range of ₹700-750 crores. - Fundraising for projects: Equity contributions of ₹450 crores have already been invested in the first nine months of the current year. - Debt levels: Standalone borrowing as of December 2023 stands at around ₹900 crores with a low debt-to-equity ratio of 0.16x; consolidated borrowings are about ₹6,988 crores with 1.1x debt-to-equity. - Asset monetization: The company’s InvIT (Infrastructure Investment Trust) filing with SEBI is on track with an expected launch by end of February or early March 2024 to monetize BOT toll/HAM assets, which will aid fundraising and capital recycling. - No explicit new debt fundraising announced currently, focus appears on equity infusion and InvIT monetization.

- For FY24, the company expects CAPEX not to exceed ₹100 crores, with around ₹80 crores already spent in the first nine months. - Major ongoing CAPEX is for an office building construction in Gurgaon, accounting for about ₹50 crores of this investment. - For FY25, overall CAPEX commitment is estimated around ₹125 crores, including ₹50-75 crores for plant and machinery. - Equity infusion planned is around ₹700-750 crores annually for the next few years to support ongoing and new projects. - Approximately ₹2,100 crores equity is required for the current portfolio over the next 2.5 years, with ₹150-200 crores expected to be infused during FY24. - The company is actively evaluating strategic investments and diversification into EPC sectors like waterways, building construction, transmission, and railway projects; a conclusive plan is expected within 3-4 months.

- FY25 revenue expected to be flattish or decline by 0% to 5%, impacted by delays in appointed dates for projects. - For FY26, the company targets revenue of ₹15,000 crores with an expected 15% to 25% growth over FY25. - Order book for FY26 includes an anticipated additional ₹5,000 crores in the current financial year helping drive growth. - Q4 revenue for FY24 expected to show 10% year-on-year growth, possibly reaching around ₹2,200 crores for the quarter. - The company sees strong bidding pipeline of ~₹2 lakh crores across EPC, HAM, and BOT projects for future years. - Entry into new EPC sectors like waterways and building construction could potentially match current highway revenues within 3 years, supporting diversified growth. - Overall, the company is optimistic about resuming revenue growth post FY25 with doubledigit growth expected in FY26.

- FY26 revenue target is ₹15,000 crores with 15%-25% growth expected over FY25, driven by order book expansion (Ajendra Agarwal). - FY25 revenue expected to be flat or decline by up to 5%, with margin guidance around 13%-13.5%. - Q4 FY24 anticipates revenue growth of about 10% year-on-year, with a margin target of approximately 14%. - Margin normalization to 14%-15% expected as more HAM projects move into execution. - Equity investment planned around ₹700-750 crores annually through FY25-27 for order book growth. - Diversification into building EPC, waterways, and transmission sectors is under evaluation, aiming to supplement highway revenue in 3 years. - BOT toll projects expected to form a significant portion (50%-60%) of the ₹15,000 crores order book, enhancing profitability potential. - Asset monetization via InvIT launch expected soon, supporting capital for growth and potential margin stability.

- Order book at the end of December 2023 is around ₹18,680 crores (excluding two L1 projects worth ₹573 crores). - Pending orders with appointed dates (AD) not yet declared total approximately ₹9,200 crores. - Expecting appointed dates to be declared for about ₹4,000 crores worth of projects within the current financial year. - Projected order inflow target for FY25 is around ₹15,000 crores. - Expecting another ₹4,000-5,000 crores order inflow in the current financial year from ongoing bidding. - A strong bid pipeline of about ₹2 lakh crores of road projects, including EPC, HAM, and BOT, is visible. - BOT projects form a significant share, with targeted BOT order inflows around ₹7,500 crores out of the ₹15,000 crores guidance. - Equity investment requirement for ongoing and upcoming projects is approximately ₹2,100 crores over 2.5 years.