GR Infraprojects - Embarking On A New Journey Through Diversification: Motilal Oswal Initiates Coverage

GR Infraprojects - Embarking On A New Journey Through Diversification: Motilal Oswal Initiates Coverage

A highway construction site in Delhi (Photographer:  Qilai Shen/Bloomberg)

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Motilal Oswal Report

GR Infraprojects Ltd. has established itself as a leading road engineering procurement and construction player and has leapfrogged its competitors – owing to its focus on cash flow generation and, hence, longevity, rather than just topline growth.

Over FY14–21, it saw a standalone revenue / Ebitda / adjusted profit after tax compound annual growth rate of 38%/45%/55%. The company has a strong balance sheet, with FY21 net debt/equity at just 0.2 times.

The company is set to traverse the journey from being just a roads player to a diversified EPC player over the next decade.

GR Infraprojects has already forayed into the adjacent civil verticals of railways and metros and is now looking to bid for power transmission and distribution projects.

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Motilal Oswal GR Infraprojects - Initiating Coverage.pdf
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