GR Infraprojects Q1 Review - Strong Performance: Centrum Broking
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Centrum Broking Report
G R Infraprojects Ltd. reported strong earnings in Q1 FY22.
Profit after tax grew sharply by 187% YoY to Rs 2.04 billion, albeit on a low base.
Revenue grew by 74% YoY to Rs 21.3 billion (down 19% QoQ due to Covid-19 impact and seasonality).
Ebitda grew 124% YoY to Rs 3.45 billion while Ebitda margin expanded 370 basis point YoY to 16.2%, led by better absorption of fixed costs (up 60 bp QoQ).
Interest costs grew 17% YoY to Rs 388 million (up 3% QoQ) led by higher debt.
G R Infra's order backlog of Rs 151 billion (~Rs 175 billion after including level-one orders; 2.3 times trailing twelve months engineering procurement and construction revenue).
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