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Minor miss on execution

Earnings summary: 3QFY25

* Revenue dipped 17% YoY to ~INR15b in 3QFY25 (11% below our estimate).

* EBITDA margin stood at 12.8% in 3QFY25 (+20bp YoY and +240bp QoQ) vs. our estimate of 12.5%. EBITDA declined 16% YoY to INR1.9b and was 9% below our estimate.

* Higher other income offset the weak operating performance, as APAT grew 13% YoY to ~INR1.7b (in line).

* The current order book stands at ~INR169b, of which roads contribute 70%.

* The company’s standalone debt as of Dec’24 was INR5.9b, with debt-toequity at 0.08x vs. 0.1x as of Sep’24.

* During 9MFY25, revenue stood at INR45.2b (-18% YoY), EBITDA was INR5.6b (-24% YoY), EBITDA margin came in at 12.3%, and APAT was INR4.7b (-1% YoY).

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