India: GRIL reports order book of INR 1,67,806 million in FY24

GR Infraprojects Limited (GRIL) has reported order book of INR 1,67,806 million in FY'24. It has entered into power transmission, hydro-tunnelling, multi-modal logistic park and roadway projects recently and will be actively pursuing various opportunities arising from the government's aggressive infrastructure growth plan. The company is targeting an order pipeline worth INR 250,000 crores across multiple sectors, including highways, road tunnels, metro systems, power and transmission, railways, and roadways.

The Company's capex in FY'24 was around INR 108 crores. Inventories stood at INR 768 crores at the end of FY'24 as against INR 884 crores at the end of FY'23.

Highlights:

Order book down 14% y-o-y: The company's order book stood at INR 1,67,806 million in FY24, down 14% y-o-y from INR 1,95,294 million in previous year.

The company targets to achieve inflow of INR 15,000-20,000 crores in FY'25. Bids will be made on toll projects and big size EPC projects. Category wise, Hybrid Annuity Model (HAM) will be around 50%, Engineering Procurement and Construction (EPC) will be 25% and rest 20% will be Build-Operate-Transfer (BOT).

Revenue from operations down 4%: The company's revenue from operations dropped 4% on the year to INR 77,880 million in FY'24 against INR 81,476 million in the last year. During Q4FY'24, revenue from operations was recorded at INR 22,555 million, up 13% y-o-y from INR 19,949 million in the same period previous year. The company is targeting 15-20% growth in revenue for FY'26.

EBITDA declines y-o-y: The company's operating Earnings Before Interest, Taxes, Depreciation, and Amortisation (EBITDA) declined 9% on the year to INR 13,607 million in FY'24 against INR 14,940 million in FY'23. Meanwhile, the same increased 37% y-o-y to INR 3,990 million in Q4FY'24 from INR 2,898 million in the same period last year.

Update on projects:

• The company has submitted 12 highway and railway projects bids amounting to INR 10,228 crores which are expected to be opened soon.
  
  
• In May 2024, the company has emerged as the lowest bidder for two EPC road projects in Maharashtra worth INR 4,346 crores to be awarded by Maharashtra State Road Development Corporation.
  
  
• The company has a decent mix of 28 BOT projects of which 5 are operational, 14 under construction and 9 projects are awaiting appointed dates.