Afcons Infrastructure Ltd

Profit before tax (PBT) increased 11.96% YoY to Rs 199.83 crore during the quarter. EBITDA stood at Rs 448 crore in Q3 FY25, up 14.1%, compared with Rs 393 crore posted in the corresponding quarter last year. EBITDA margin improved 13.5% in Q3 FY25 as against 12.3% in Q3 FY24. As of 31 December 2024, the company's order book stood at Rs 38,021 crore. Subramanian Krishnamurthy, executive vice chairman (whole-time director), said, 'Afcons Infrastructure reported a robust set of results for the third quarter and nine months ended FY25 as we continue to build strongly on our performance. In Q3 FY25, we reported a total income of Rs 3,332 crore, with our EBITDA margin elevated at an encouraging 13.5%, reflecting strong operational efficiency. Our profit after tax grew significantly by 36% year on year, highlighting our commitment to profitable and sustainable growth. Our business enables us to extract significant operating leverage from our operations, as evidenced from our quarterly results. Our order book reached a record of Rs 38,021 crore, excluding L1 projects worth Rs 10,662 crore, comprising of high-quality diversified orders. Owing to this record order book, we have a healthy book-to-bill of 3.1x, providing certainty for sustainable profitable growth. We remain committed to driving top-line growth while maintaining healthy margins. On the balance sheet front, we have significantly reduced our net debt over the past few months, further reinforcing our financial strength. Additionally, our financial credibility has been reinforced by Crisil's rating, assigning us AA-/Stable (long term) and A1+ (short term) for our bank loans. We remain dedicated to delivering long-term value to our stakeholders while contributing to the growth and development of our nation through transformative infrastructure projects and strengthening our presence on the global stage.' Afcons Infrastructure is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, a diversified Indian conglomerate. It has a legacy of over six decades, with a strong track record of executing numerous technologically complex EPC projects both within India and internationally. Shares of Afcons Infrastructure slipped 4.88% to Rs 417.55 on the BSE.Powered by Capital Market - Live

Net profit of Afcons Infrastructure rose 35.68% to Rs 148.85 crore in the quarter ended December 2024 as against Rs 109.71 crore during the previous quarter ended December 2023. Sales rose 2.73% to Rs 3211.10 crore in the quarter ended December 2024 as against Rs 3125.68 crore during the previous quarter ended December 2023. ParticularsQuarter EndedDec. 2024Dec. 2023% Var. Sales3211.103125.68 3 OPM %11.3511.98 - PBDT316.90302.31 5 PBT199.83178.48 12 NP148.85109.71 36 Powered by Capital Market - Live

Afcons Infrastructure will hold a meeting of the Board of Directors of the Company on 13 February 2025.Powered by Capital Market - Live

Afcons Infrastructure has received the Letter of Award (LOA) today from M/s. Hindustan Gateway Container Terminal Kandla (a group entity of DP World). The contract valued at Rs 1,283 crore is for design and construction of the marine package of the container terminal at Tuna Tekra - India (Package 1) to be be completed in 29 monhts. Powered by Capital Market - Live

Crisil Ratings stated that the ratings reflect the strong business profile of Afcons (part of Shapoorji Pallonji Group), demonstrated by its established track record and ability to execute complex infrastructure engineering projects in India and overseas. Aided by robust order inflow of Rs 12,677 crore in the first half of fiscal 2025, the company had an order book of Rs 34,152 crore as of September 2024 across the urban infrastructure, hydro and underground including water and irrigation projects, surface transport, marine, and oil and gas segments. Around 83% of the order book is domestic, while around 17% is overseas and involves varied counterparties. This level of diversification shall reduce risk associated with a particular segment, geography or counterparty. As of September 2024, around 50% of the order book was in early stages of execution with less than 10% completion, on account of the recent order inflow. However, given the company's track record of timely project execution, the risk of delays in these projects is expected to be low. The company exhibits healthy operating efficiency, as reflected in the double-digit operating margin on a sustained basis and strong return on capital employed (RoCE) of more than 17% in the past five years. However, the company has sizeable receivables under arbitration and contract assets, pertaining to uncertified work in four projects. While this is owing to the nature of engineering, procurement and construction (EPC) business and is typical for players across the industry, it will be monitorable from a credit risk standpoint. The company has maintained average cash and equivalent of more than Rs 600 crore from fiscal 2020 onwards, which supports its financial flexibility. The company has access to fund-based working capital limits with average utilisation of 75% over the past 12 months, providing an additional cushion of around Rs 630 crore. Financial flexibility is also aided by available lines of interest-free mobilisation advances of Rs 500 crore not yet tapped by the company. These rating strengths are partially offset by large working capital requirement in the EPC business, moderate leverage indicators, delays in realisation of arbitration receivables and pending certification of bills in a few projects. Afcons Infrastructure construction and engineering company involved in infrastructure projects across elevated and underground metro, bridges, roads, tunnels, ports and marine works, and oil and gas. Shapoorji Pallonji Group holds 50.17% in Afcons, with Goswami Infratech Pvt Ltd holding 25.03%, Shapoorji Pallonji and Company Pvt Ltd (SPCPL) holding 15.41% and the remaining held by other promoter entities. For the first half of fiscal 2025, the company reported revenue of Rs 6,114 crore and profit after tax of Rs 227 crore against Rs 6,505 crore and Rs 195 crore, respectively, for the corresponding period of last fiscal. The scrip fell 2% to currently trade at Rs 451.05 on the BSE. Powered by Capital Market - Live

Afcons Infrastructure announced that CRISIL Ratings has assigned long term rating of CRISIL AA-/Stable for the total bank-loan facilities of the Company and has assigned rating of CRISIL A1+ for commercial paper. Powered by Capital Market - Live

Afcons Infrastructure has emerged as the Lowest bidder (L1) for the tender invited for the work of construction of the Access Controlled Pune Ring Road (East) Packages PRR E5 and E7 by the Maharashtra State Road Development Corporation (MSRDC). The project details are mentioned below: 1. Construction of Access Controlled Pune Ring Road (East) Package PRR E5 from Km.72+335 Valati, Taluka Haveli to Km.81+900 Sonori, Taluka Purandar, District Pune. Bid Project Cost - Rs 2,718.50 crore. 2. Construction of Access Controlled Pune Ring Road (East) Package PRR E7 from Km 97+900 Garade, Taluka Purandar to Km.104+140 Shiware, Taluka Bhor, District Pune. Bid Project Cost - Rs 2,068.70 crore. Powered by Capital Market - Live

The civil construction company has been selected for two projects for construction of the access-controlled Pune Ring Road (East) Packages PRR E5 and E7. Both the projects are to be completed within 36 months. The package PRR E5 entails construction of Pune Ring Road (East) from Valati, Taluka Haveli to Sonori, Taluka Purandar, District Pune. The bid cost of this project is Rs 2,718.50 crore. The package PRR E5 entails construction of Pune Ring Road (East) from Garade, Taluka Purandar to Shiware, Taluka Bhor, District Pune. The bid cost of this project is Rs 2,068.70 crore. Afcons Infrastructure is flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, a diversified Indian conglomerate. It has a legacy of over six decades, with a strong track record of executing numerous technologically complex EPC projects both within India and internationally. The company's consolidated net profit jumped 30% to Rs 135.43 crore despite a 11.22% decline in revenue from operations to Rs 2959.89 crore in Q2 FY25 over Q2 FY24. The scrip slipped 3.92% to Rs 479.60 on the BSE. Powered by Capital Market - Live

Afcons Infrastructure has received a Letter of Intent from the Govt of India, Ministry of Defence, Defence Research and Development Organisation (DRDO) for infrastructure works on EPC basis. The value of the project is Rs 1,084.54 crore. Powered by Capital Market - Live

The order involves the execution of work for the augmentation of MTC, creation of SAF, and installation of workshop equipment for the Ship Lift Facility (AMCSWF) at Visakhapatnam, Andhra Pradesh. The project will follow a design & build (D&B) concept and includes civil, mechanical, electrical, HVAC, ELV systems, furniture & interiors, and other associated works. The project is scheduled for completion within 36 months. Afcons Infrastructure is flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, a diversified Indian conglomerate. It has a legacy of over six decades, with strong track record of executing numerous technologically complex EPC projects both within India and internationally. The company's consolidated net profit jumped 30% to Rs 135.43 crore despite of 11.22% decline in revenue from operations to Rs 2959.89 crore in Q2 FY25 over Q2 FY24. Powered by Capital Market - Live