Ashoka Buildcon (ASHOKA) Q1 24/25 earnings summary

Executive summary

• Q1 FY25 saw strong revenue and profit growth, with a 22% year-on-year increase in standalone income and 26% growth in consolidated income.

• EBITDA and PAT rose significantly, with standalone EBITDA up 52% and PAT up 148% year-on-year.

• Achieved completion certificates for major HAM projects, enabling annuity income for completed stretches.

• Emerged as lowest bidder for key EPC and MMRDA projects, including international water infrastructure contracts.

• Unaudited standalone and consolidated financial results for Q1 FY25 were approved by the Board and reviewed by auditors with an unmodified opinion.

Financial highlights

• Standalone Q1 FY25 income: INR 1,901 crore (22% YoY growth); EBITDA: INR 195 crore (52% YoY growth); PAT: INR 41 crore (148% YoY growth); EBITDA margin: 7.6%.

• Consolidated Q1 FY25 income: INR 2,495 crore (26% YoY growth); EBITDA: INR 628 crore (23% YoY growth); PAT: INR 158 crore (156% YoY growth).

• Gross BOT collections: INR 321 crore, up 4.8% YoY.

• Standalone and consolidated net profit margins were 2.18% and 6.41% respectively for the quarter.

• No exceptional items were recorded in the current quarter; prior quarter included significant divestment gains.

Outlook and guidance

• Revenue growth guidance of 15-20% for FY25 and FY26.

• EBITDA margin expected at 7-8% for Q2, improving to 9-10% in H2 FY25, and 10-11% in FY26.

• Order inflow target of INR 10,000-12,000 crore for FY25.

• Order book stands at INR 10,356 crore as of June 30, 2024, excluding L1 projects worth INR 3,434 crore.

• Monetization of BOT and HAM assets is at an advanced stage, with assets classified as held for sale.