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Strong operating performance drives a beat on APAT

Earnings summary: 4QFY25

* The company received bonus/claim amounts of INR475m during 4QFY25. For like-to-like comparison, we have adjusted the bonus/claim amounts in revenue and EBITDA for 4QFY25.

* Revenue dipped 10% YoY to ~INR19.4b in 4QFY25 (9% below our estimate).

* Adj. EBITDA margin stood at 15.5% in 4QFY25 (+160bp YoY) vs. our estimate of 11.7%. EBITDA was flat YoY at INR3b and was 21% above our estimate.

* In line with strong operating performance, GRINFRA’s APAT jumped 27% YoY to ~INR2.9b (39% above our estimate).

* During 4QFY25, the company recognized an exceptional gain of INR320m (net of tax). This was for the sale of one operational HAM project to Indus Infra Trust.

* The current order book stands at ~INR192b, excluding L1.

* During FY25, GRINFRA’s revenue was INR64.3b (-16% YoY), EBITDA was INR8.2b (-21% YoY), EBITDA margin came in at 12.7%, and APAT was INR7.2b (+2% YoY).

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