Mumbai, February 1, 2025 – G R Infraprojects Limited (NSE: GRINFRA, BSE: 543317) has announced its unaudited standalone and consolidated financial results for the quarter ended December 31, 2024.
Key Financial Highlights (Standalone)
(₹ in Lakhs)
Q3 FY25
Q2 FY25
Q3 FY24
9M FY25
9M FY24
Revenue from Operations
1,50,053.46
1,12,808.05
1,80,644.57
4,52,515.93
5,53,261.24
Other Income
12,223.37
13,108.41
5,777.93
36,145.68
17,029.34
Total Income
1,62,276.83
1,25,916.49
1,86,419.50
4,88,661.61
5,70,290.58
Total Expenses
1,39,013.96
1,09,549.84
1,66,369.31
4,22,687.92
5,05,801.89
Profit Before Tax
23,262.87
19,927.55
20,860.54
64,593.99
65,319.04
Net Profit
16,859.10
11,482.00
15,538.96
43,537.10
48,665.51
Earnings Per Share (Basic)
17.43
11.87
16.07
45.02
50.33
Key Standalone Observations:
Revenue declined YoY by 16.9% due to lower project execution.
Net profit also saw a YoY decline of 17.5%.
The company booked an exceptional gain of ₹3,560.90 lakh in Q2 FY25 related to the sale of its subsidiary GR Aligarh Kanpur Highway Pvt. Ltd..
Key Financial Highlights (Consolidated)
(₹ in Lakhs)
Q3 FY25
Q2 FY25
Q3 FY24
9M FY25
9M FY24
Revenue from Operations
1,69,450.02
1,39,432.59
2,13,401.91
5,11,012.99
6,49,503.25
Other Income
10,287.74
2,126.81
2,460.86
14,515.01
7,231.38
Total Income
1,79,737.76
1,41,559.40
2,15,662.77
5,26,428.00
6,56,734.63
Total Expenses
1,49,838.72
1,21,669.15
1,84,231.66
4,54,302.18
5,53,214.59
Profit Before Tax
35,037.42
25,999.98
31,631.11
83,271.86
1,03,520.04
Net Profit
26,259.08
19,356.83
24,287.72
61,223.58
76,987.61
Earnings Per Share (Basic)
27.06
19.99
25.10
63.13
79.61
Key Consolidated Observations:
Revenue from operations declined 20.6% YoY.
Net profit grew by 8.1% YoY, driven by cost optimization.
Share of profit from associate Bharat Highways InvIT contributed ₹5,138.38 lakh in Q3 FY25.
Finance costs reduced to ₹11,258.36 lakh from ₹15,486.09 lakh YoY, improving margins.
Segment Performance
Engineering, Procurement & Construction (EPC): Revenue at ₹20,791.53 lakh.
Build, Operate & Transfer (BOT)/Annuity Projects: Revenue at ₹1,33,239.20 lakh, a significant portion of total revenue.
Other Business: Revenue of ₹15,419.29 lakh from toll collection and allied services.
Key Corporate Developments
The company sold its 100% stake in GR Aligarh Kanpur Highway Pvt. Ltd. for ₹9,860.90 lakh in Q2 FY25.
Acquired Tumkur-II REZ Power Transmission Ltd. for ₹672.13 lakh in Q3 FY25.
Ongoing Regulatory Case: The company is involved in a sub-judice matter before the Hon’ble High Court of Gauhati, Assam. However, no financial impact has been recorded yet.
Debt & Financial Ratios
Debt-to-Equity Ratio (Standalone): 0.07x (previous quarter: 0.09x).
Debt-to-Equity Ratio (Consolidated): 0.61x (previous quarter: 0.55x).
Current Ratio (Standalone): 3.24x.
Operating Margin (Consolidated): 21.82%.
Management Commentary
Ajendra Kumar Agarwal, Managing Director, stated: "Despite short-term revenue challenges, we remain committed to efficient execution and operational excellence. Our strategic divestment and financial discipline have improved margins and strengthened our balance sheet."
Outlook
Strong Order Book: The company expects better revenue visibility in upcoming quarters.
Debt Reduction Focus: With a debt-to-equity ratio at 0.61x, the company aims to further reduce leverage.
Expansion in Power Transmission: The recent acquisition of Tumkur-II REZ Power Transmission Ltd.aligns with diversification plans.
Conclusion
G R Infraprojects has reported a YoY decline in revenue but improved profitability, driven by strategic asset sales and cost control. The company's divestment strategy and focus on high-margin projects indicate a positive long-term outlook, despite regulatory challenges.