Afcons Infrastructure (AFCONS) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 total income was ₹3,332 crore, up 4.7% year-on-year; nine-month income was ₹9,635 crore, down 2.1% year-on-year.

• EBITDA for Q3 FY25 was ₹448 crore, up 14.1% year-on-year; nine-month EBITDA was ₹1,247 crore, up 13.3%.

• PAT for Q3 FY25 rose 35.7% year-on-year to ₹149 crore; nine-month PAT increased 23.3% to ₹376 crore.

• Order book as of December 2024 stood at ₹38,021 crore, with ₹14,603 crore order inflow in nine months and L1 position for ₹10,662 crore more.

• Net debt reduced to ₹2,692 crore as of December 2024, down from ₹3,402 crore in September 2024.

Financial highlights

• Q3 FY25 revenue grew 5% year-on-year and 8% sequentially; nine-month revenue gap narrowed to 2% year-on-year.

• Q3 FY25 EBITDA margin improved to 13.5%; nine-month margin at 12.9%, up from 11.2% last year.

• PAT margin for Q3 FY25 was 4.5%, up from 3.4% last year; nine-month PAT margin at 3.9%, up from 3.1%.

• ROCE for nine months at 16.6%, ROE at 11.7%.

• Net debt-to-equity improved to 0.5x; book-to-bill ratio at 3.1x.

Outlook and guidance

• FY25 revenue expected to be flat or show nominal growth; FY26 revenue growth guidance is 20%-25%.

• FY26 order inflow guidance set at ₹25,000 crore.

• EBITDA margin guidance remains at 11%+, with current year expected to exceed 12%.

• Management expects continued top-line growth and margin stability, supported by a robust and diversified order book.

• Focus on sustainable, profitable growth by maintaining a robust order book, rationalizing costs, and improving execution efficiency.