- 11 Nov 2022
- ICICIdirect Research
GR INFRAPROJECTS REPORTS Q2FY23 NUMBERS
GRINFRA - 1633 Change: -10.75 (-0.65 %)News:
Standalone revenue during Q2FY23 improved merely by 4.6% YoY to Rs 1,777.2 crore possibly impacted by slowed down execution pace owing to heavy and extended rains across majority of its project sites. EBITDA margin moderated to 14.6% (down 172 bps YoY) due to muted topline growth and change in project mix. Effectively, EBITDA at Rs 260 crore, was down 6.5% YoY. At net level, PAT improved by just 0.8% YoY to Rs 164.3 crore largely impacted by benign operating performance (partly aided by higher other income, and lower depreciation and interest cost.
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Overall, GR Infraprojects reported weak set of numbers during Q2FY23. However, its decent order book position, healthy revenue visibility, lean balance sheet structure, comfortable working capital cycle and strong return ratios remain key positives.
Impact:
Negative