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News: Standalone revenue during Q4FY23 witnessed weak execution and consequent standalone revenue decline of 12% YoY at Rs 1,994.9 crore. EBITDA margin (on adjusted basis) improved to 14.5% (up 30 bps YoY). On reported basis margin decline is owing to Rs 82 crore, one time income in the base.. At net level, reported PAT declined by ~27% YoY to Rs 192.2 crore. On adjusted basis, PAT decline was 6% on account of lower revenues.
Views: Overall, GR Infraprojects’ reported weak operating performance during Q4FY23 and is lagging its peers. Key catalyst for the company will be listing of its proposed InVIT ahead, which could partially free up his balance sheet. Management commentary on future outlook, order inflows target, and progress on HAM projects, will be the key monitorable.
Impact: Negative