Afcons Q2 FY25 Earnings: 30% PAT Growth, ₹34,152 Crore Order Book, Record 13.8% EBITDA Margin

Afcons Infrastructure Limited announced its unaudited financial results for the quarter and half-year ended September 30, 2024. The company showcased robust operational performance despite a slight dip in income compared to the previous year.

During H1 FY25, the company reported a total income of ₹6,303 crore, a decrease of 5.3% from ₹6,655 crore in H1 FY24. However, EBITDA improved significantly, reaching ₹799 crore, reflecting a 12.8% growth, with margins increasing from 10.6% to 12.7%. Profit After Tax (PAT) stood at ₹227 crore, marking a 16.3% rise, and PAT margins improved to 3.6% compared to 2.9% in H1 FY24.

In Q2 FY25, total income was ₹3,090 crore, 10% lower than the ₹3,434 crore recorded in Q2 FY24. Despite the decline in income, EBITDA for the quarter rose to ₹427 crore, achieving the highest-ever quarterly margin of 13.8%. PAT also grew by 30% to ₹135 crore compared to the same quarter last year.

Growth in Orders and Debt Position

Afcons’ order book as of September 2024 stood at ₹34,152 crore, with additional L1 orders worth ₹10,154 crore, of which ₹3,752 crore were finalised post-September. The company secured ₹8,925 crore in new orders during H1 FY25, ensuring strong revenue visibility.

As of September 2024, the company’s consolidated net debt increased to ₹2,640 crore from ₹1,789 Cr in March 2024. The IPO proceeds were utilised to reduce debt by ₹600 crore and to fund working capital needs of ₹320 crore.

Commenting on the Results, Mr Subramanian Krishnamurthy, Executive Vice Chairman (Whole-time Director), said, “We are delighted to share Afcons Infrastructure’s performance for the second quarter and first half of FY25. At the outset, I sincerely thank all our investors for their overwhelming support during our recent IPO. Your trust inspires us as we embark on this exciting new chapter of growth and value creation.”

He further added, “In Q2 FY25, we recorded a total income of ₹3,090 crore, achieving our highest-ever quarterly EBITDA margin of 13.8% and a robust 30% year-on-year growth in profit after tax. Our strong order book of ₹34,152 crore, excluding L1 projects worth ₹10,154 crore, reflects our ability to secure high-quality projects and the confidence our clients place in our capabilities. This healthy and diversified order book provides strong revenue visibility for the future.”

Overview of Afcons Infrastructure Limited

Afcons Infrastructure Limited is a leading infrastructure engineering and construction company under the Shapoorji Pallonji Group. Afcons specialises in a wide range of infrastructure projects, including expressways, metros, railways, bridges, dams, irrigation systems, ports, and oil and gas facilities. Over the past 11 years, it has completed 79 projects across 17 countries. Headquartered in Mumbai, the company operates 23 offices globally and manages 16 joint ventures and 12 subsidiaries.

Afcons Infrastructure share price is currently trading at ₹502.85, up by ₹5.60 or 1.13% as of 10:01 AM on November 25, 2024. The stock opened at ₹500.00 and reached a high of ₹518.85, while its low for the day was ₹498.45. Over the past 52 weeks, the stock has touched a high of ₹518.85 and a low of ₹420.25.

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