GRINFRANSEfinancial year 2025May 16, 2025

G R Infraprojects Limited

7,117words
140turns
10analyst exchanges
4executives
Management on call
Ajendra Kumar Agarwal
CHIEF EXECUTIVE
Anand Rathi
GROUP CHIEF FINANCIAL
Ankit Maheshwari
DEPUTY CHIEF
Mohit Kumar
ICICI SECURITIES
Key numbers — 40 extracted
INR2,129.30 crore
e sector followed by question and answer session. Revenue from operations in Q4 of '25 stood at INR2,129.30 crores as against INR2,310.35 crores in the corresponding period in previous financial year. The EBITDA
INR2,310.35 crore
n and answer session. Revenue from operations in Q4 of '25 stood at INR2,129.30 crores as against INR2,310.35 crores in the corresponding period in previous financial year. The EBITDA margin for the current quar
17.51%
rresponding period in previous financial year. The EBITDA margin for the current quarter stood at 17.51% as against 17.69% in the corresponding period in previous financial year. During the quarter, t
17.69%
in previous financial year. The EBITDA margin for the current quarter stood at 17.51% as against 17.69% in the corresponding period in previous financial year. During the quarter, the company has rep
INR361 crore
nding period in previous financial year. During the quarter, the company has repaid the debt of INR361 crores which has resulted in improved debt equity ratio to 0.07 which is one of the best in the sector.
INR225.58 crore
company transferred one operational HAM asset to Indus Infra InvIT for a total consideration of INR225.58 crores. The resulting gain on this transaction is shown as an exceptional item in financial statements.
INR3,687 crore
r, the company received pre-COD for one HAM project and LOA for one road DBFOT toll project worth INR3,687 crores. Moving on the update on the order book, at the end of Q4 of the order book stood at INR24,346
INR24,346 crore
3,687 crores. Moving on the update on the order book, at the end of Q4 of the order book stood at INR24,346 crores. As on date, the company has 30 projects worth INR14,370 crores that are under execution. As o
INR14,370 crore
of Q4 of the order book stood at INR24,346 crores. As on date, the company has 30 projects worth INR14,370 crores that are under execution. As on date, two projects worth INR4,810 crores are awaiting appointe
INR4,810 crore
has 30 projects worth INR14,370 crores that are under execution. As on date, two projects worth INR4,810 crores are awaiting appointed date, one in HAM in Bihar and one DBFOT toll project spreading across Raj
INR5,166 crore
ross Rajasthan, UP and MP. For four projects that is two roads and one each railway and OFC worth INR5,166 crores are having L1 status. LOA of OFC and railway projects has also b
INR6,500 crore
LOA of OFC and railway projects has also been received recently. As on date, bids of INR6,500 crores are yet to be opened. It constitutes of five railway and one highway projects. Moving on the sec
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Guidance — 20 items
Mohit Kumar
opening
“We'll begin with the opening remarks from the management which will be followed by Q&A.”
Ajendra Agarwal
opening
“During the quarter, the company received pre-COD for one HAM project and LOA for one road DBFOT toll project worth INR3,687 crores.”
Ajendra Agarwal
opening
“As on date, two projects worth INR4,810 crores are awaiting appointed date, one in HAM in Bihar and one DBFOT toll project spreading across Rajasthan, UP and MP.”
Ajendra Agarwal
opening
“Further, MoRTH has imposed additional performance security on bidders of road projects for bids lower than estimated cost of the project.”
Ajendra Agarwal
opening
“Our strong team and focus on project delivery will continue to drive our success.”
Shravan Shah
qa
“So, first I need a clarity in terms of FY25 excluding GST, what was the order inflow for FY25?”
Ajendra Agarwal
qa
“And for this, the target of this year's order booking is around INR20,000 crores.”
Ajendra Agarwal
qa
“The target is INR20,000 crores for the ‘26 financial year of inflow.”
Ajendra Agarwal
qa
“In this way, we feel that this target should be achieved.”
Ajendra Agarwal
qa
“If there are no major changes in the government, then this target seems achievable.”
Risks & concerns — 5 flagged
So, it has some impact of course from the order intake as well.
— Ankit Maheshwari
It is difficult for us to increase the margin.
— Ajendra Agarwal
So, there are a lot of things, one is the pressure of our competition, and apart from that, the prices in the market, the way there are escalation issues, we have flat expectations on that.
— Ajendra Agarwal
And I think in the bidding side, especially on the road we have seen that slowdown persisting for a while.
— Sarvesh Gupta
So, whether Indus will take it or some other InvIT that is a question which probably we will be solving in future, but there is no challenge in liquidation, we will be able to monetize it.
— Anand Rathi
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Q&A — 10 exchanges
Q
Thank you and congratulations on a good set of margin for this quarter particularly. So, Yes, I have a couple of questions. So, starting with in terms of the order inflow. So, first I need a clarity in terms of FY25 excluding GST, what was the order inflow for FY25?
Anand Rathi
It is around INR13,000 crores which we have taken which is including L1. Okay, including this INR1166 crores L1, it was INR13,000-odd crores. Right. So, now 2-3 things. First, how much orders that we have bidded? Sir has mentioned INR6,500 crores. So, that is yet to be opened. And how much more are we looking to bag in terms of the order inflow and also if you can help us in terms of some road transmission or the state EPC. How much are we looking? Sir, in this highway sector, approximately in the pipeline, there is INR75,000 crores in our pipeline. There is around INR50,000 crores in hydro. T
Q
Sir, my first question is, what are our investments in BOT and subsidiaries at the end of FY25?
Anand Rathi
It is total INR2,000 crores. Okay, sir. And sir, when do we expect to receive the appointed date for two of our projects, one is BOT and HAM project? See, one HAM we are expecting, that is, we are expecting in the month of June. And for Agra- Gwalior, that is BOT projects, we have signed a concession agreement recently, so it takes time, it's a BOT-DBF-BOT project, which takes time of another six months for getting financial closure and all other prerequisites done. So maybe for that Agra-Gwalior, we will be receiving that appointed date in the Q3 quarter. Okay, sir. Q3 means October to Decemb
Q
Yes, my question is that we are generating the profits quarter-on-quarter, but if you go to the cash flow statement, our cash flow operating activity is on the lesser side. For instance, 2023 we made a negative of INR363 crores. FY24 it is INR1592 crores and FY25 it is minus INR2000 crores. So, may I know the reason for this?
Anand Rathi
FY19. FY25. Come again. FY25, cash generated from operating activity is minus INR2,000 crores. Minus 2,000 crores. Okay. So, what exactly your question is? Why it is like minus INR2,000 crores when you are generating a profit? See, cash flow from operating activity generally, let's say, I don't think it would be minus INR2000 crores. I think in terms of number, we have to confirm. But see, cash flow because we are putting that money into working capital, right? Maybe in working capital and hence we are not converting that money into cash. Whatever profit is there that has been kept in as a wor
Q
Sir, you mentioned that equity requirement is close to INR2875 crores, which is pending. So, it includes BOT project as well, right?
Anand Rathi
Yes, Yes. Every outstanding project. So, what would be the equity requirement for BOT project and the EPC value that we are factoring? EPC value is around INR3,700 crores and BOT is around INR1,075. For equity value of that BOT. So, you will be funding equity of INR1,075 from our books? Right. Okay. And secondly, we saw that EBITDA margins were quite high in the quarter, even after the adjustment of the bonus. So, what was the reason for that? See, this particular year in last quarter, there are so many projects which are near completion. In fact, we received the COD for two of the projects an
Q
Good afternoon sir and congratulations on a good set of numbers. Sir, so just wanted to understand on the order flow part. So, last year we got only INR8,000 crores excluding the L1. And now we are targeting about INR20,000 crores. And I think in the bidding side, especially on the road we have seen that slowdown persisting for a while. So, what gives us the confidence that this 2.5 times jump we will be able to achieve in this financial year?
Ajendra Agarwal
Sir, first of all, if we add the L1 status, it is INR13,000 crores. Second, the activity has started in BOT. If you see in the last quarter, the government has started the BOT project, which has increased its opportunity. Second, the government has also changed the norms and there has been an improvement in the award of the project. And apart from that, the major portion is out of INR20,000, INR11,500 is for the highway sector. Remaining every sector has 2,000 to 3,000. So, this seems achievable. In the major portion of the highway sector, we are confident that we will achieve this by increasi
Q
Hi, good afternoon, sir and thanks for taking my question. So, my first question is for the two road projects where we are L1. So, by when do we expect the LOAs for these projects? I am assuming both these projects are from Maharashtra State Government?
Ajendra Agarwal
This is an EPC project of Maharashtra State Government and we are expecting that it should come in between the second and third quarter because the land acquisition work is still going on, not been done. There are some issues in the land. So, as soon as the land acquisition is done, it will be 80% safe. Government will award these projects. Got it. Secondly, we have taken BOT project recently where you said we have equity commitment of something like INR1,075 crores. So, going ahead, what is our appetite for taking more BOT projects? I mean on an annual basis, are we okay taking BOT projects w
Q
Good afternoon, sir and thanks for the opportunity. Sin terms of our equity investment, both in HAM and BOT. Right now what is the total equity investment and how much will we be doing in FY '26 and '27? I just missed the figure, if you can just provide?
Anand Rathi
So total equity so far, we have invested INR2,000 crores and still pending is INR2,875-odd crores, which is to be put in over the next 3 years of time. For current year, we are targeting INR1,000 crores number. And for next year, again, it would be in the same range INR1,000 crores. So INR1,000 crores this year and INR1,000 crores FY '27 also? Right. Okay. And sir, what kind of revenue growth we are eyeing in FY '26? Currently, if we see most of the appointed date we have received and our executable order book also seems to be quite good. So how much revenue growth we are expecting in FY '26?
Q
Hi sir, thank you for the opportunity. Just need a clarification that the order inflow target of INR20,000 crores does not include the L1 position of INR4,000 crores, right?
Ajendra Agarwal
Yes, obviously. And also another question is that the receivables on a standalone level have increased by 7% but our revenue has declined by 15%. So, what explains this? See, receivable on standalone is actually consisting of SPV debtors. SPV debtors has gone, total receivable is INR1,842 crores, right? Out of that INR1,842 crores, my own debtors, group debtors are INR691 crores. So, excluding that number, probably there is no increase as for now. I mean out of that, because last year, my other than group debtor was INR148 crores. It was INR148 crores? So, last year, other than SPV debtors or
Q
Hi, sir, I just wanted to understand, this BOT project that we have taken, Agra-Gwalior, if we see the beat of L1, L2, L3, then our beat in terms of revenue sharing was much higher, close to 17% versus almost all the other players have quoted close to 5.5%, 6%. So, if there is so much variation, do we think that we can generate a decent IRR on the equity that we are looking at, INR1,075 crores?
Anand Rathi
So, this BOT project is a major game of traffic analysis. And in traffic, for this particular BOT concession, where my floor and cap is fixed, right? Because I can't get more than that and I can't be losing more than that. This is the agreement, this is the provision which is already given into the concession agreement. So, generally, those BOT projects are based on traffic and cost, where we believe that we are quite confident in terms of the cost which we have estimated. And in terms of traffic also, we are quite comfortable. And hence, we believe that we will be able to get good margin, goo
Q
Thank you to all the investors and the confidence in us. We will continue to stand on your path. I assure you. Thank you.
Management
Speaking time
Anand Rathi
47
Shravan Shah
16
Ajendra Agarwal
14
Moderator
12
Surendra Malla
10
Vaibhav Shah
10
Jainam Jain
7
Uttam Kumar
7
Sarvesh Gupta
6
Ishita Lodha
4
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Opening remarks
Mohit Kumar
Thank you, Steve. Good evening. On behalf of ICICI Securities, I welcome you all to the Q4 FY '25 Earnings Call of G R Infraprojects Limited. Today, we have with us from the management, Mr. Ajendra Kumar Agarwal, CEO; Mr. Anand Rathi Group CFO; Mr. Ankit Maheshwari; Deputy CFO. We'll begin with the opening remarks from the management which will be followed by Q&A. Thank you and over to you, sir.
Ajendra Agarwal
Thank you, Mr. Mohit. Ladies and gentlemen, a very good afternoon. I welcome you all to the Q4 earnings call of G R Infraprojects Limited for financial year 2025. Joining me on this call today is Mr. Anand Rathi, the CFO, and Mr. Ankit Maheshwari, Deputy CFO of the company. I would like to start by mentioning that we are a socially responsible organization focused on delivering all our projects with quality and in a safe manner. I will now take you through the key highlights of the quarter and recent developments in the infrastructure sector followed by question and answer session. Revenue from operations in Q4 of '25 stood at INR2,129.30 crores as against INR2,310.35 crores in the corresponding period in previous financial year. The EBITDA margin for the current quarter stood at 17.51% as against 17.69% in the corresponding period in previous financial year. During the quarter, the company has repaid the debt of INR361 crores which has resulted in improved debt equity ratio to 0.07 wh
Ankit Maheshwari
Thank you MD sir. This is Ankit Maheshwari. Thank you Anand ji and good afternoon everyone on the call. So I will start sharing the financial performance for the year ended March 31st, 2025 and the following key highlights are the company's standalone revenue from operations decreased by INR1,272.39 crores which is a decrease of 16.34% year-over-year. That is from INR7,787.96 crores in the year ended March '24. To INR6,515.57 crores in the year ended March 25. This decrease was primarily on account of decrease in order intake. The company's consolidated revenue from operations decreased by INR1,585.45 crores which is a decrease of approximately 17.66% year-over-year. That is from INR8,980.15 crores in the year ended March '24 to INR7,394.70 crores in the year ended March 2025. The standalone EBITDA margin has decreased to 13.88% in year ended March '25 from 14.58% in the year ended March '24. The EBITDA margin at group level has decreased to 22.13% in the year ended March '25 from 23.6
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