H.G. Infra Engineering (HGINFRA) Q3 24/25 earnings summary

Executive summary

• Order book at INR 15,080 crores (₹150,800 million) as of 9M FY25/December 2024, with roads/highways at 75%, railways 15%, and solar 10%.

• Achieved strong revenue growth in both standalone and consolidated results for Q3 and 9M FY25, with significant expansion in roads, railways, and solar.

• Monetization of three HAM projects completed; fourth to close in Q4 FY25, and five more assets targeted for monetization in FY26.

• Secured multiple new projects in roads, solar, and battery energy storage, further diversifying the portfolio.

• Sale of three subsidiaries completed in November 2023, resulting in a gain of Rs. 177.98 million recognized as an exceptional item.

Financial highlights

• Standalone Q3 FY25 revenue up 12% YoY to INR 1,509 crores (₹15,085 million); EBITDA at INR 250 crores (16.6% margin); PAT at INR 137 crores (9.1% margin).

• 9M FY25 standalone revenue at INR 4,079 crores (₹40,789 million), EBITDA at INR 668 crores (16.4% margin), PAT at INR 365 crores (8.9% margin).

• Consolidated Q3 FY25 revenue at INR 1,265 crores (₹12,648 million), EBITDA at INR 287 crores (22.7% margin), PAT at INR 115 crores (9.1% margin).

• Consolidated 9M FY25 revenue at INR 3,695 crores (₹36,953 million), EBITDA at INR 819 crores (22.2% margin), PAT at INR 358 crores (9.7% margin).

• Gross debt at standalone INR 1,329 crores and consolidated INR 3,233 crores; cash at INR 150 crores standalone, INR 180 crores consolidated.

Outlook and guidance

• FY25 order inflow targeted at INR 11,000–12,000 crores; INR 8,200 crores secured YTD.

• Revenue growth guidance of 17–18% for Q4 FY25 and 15%+ for FY26; EBITDA margin expected at 15–16%.

• Management expects the realisable value from the sale of assets held for sale to exceed their carrying value.

• Continued focus on expanding presence in roads, railways, and renewable energy projects.