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KAKA G R Infraprojects Limited CIN: L45201GJ1995PLC098652 Getting People Places, Faster Company Presentation Quarter 4 – Financial Year 2024-25
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Context 2 1 2 3 4 5 Page 3 Page 4 Page 15 Page 23 Page 31 Disclaimer Quarterly Highlights What we do and key milestones Overview – Historical data (Financial & Operational) Awards
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BANI SAMU Disclaimer 3 This presentation is issued by G R Infraprojects Limited (the “Company”) for general information purposes only, without regard to specific objectives, suitability, financial situations and needs of any particular person. This presentation does not constitute or form part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe for, any securities of the Company or its subsidiaries or its joint ventures, nor shall it or any part of it or the fact of its distribution form the basis of, or be relied on in connection with, any contract or commitment therefor. No person is authorized to give any information or to make any representation not contained in or inconsistent with this presentation and if given or made, such information or representation must not be relied upon as having been authorized by any person. This presentation may include statements which may constitute forward-looking statements. All statements that address expectations or projections about the future, including, but not limited to, statements about the strategy for growth, business development, market position, expenditures, and financial results, are forward looking statements. Forward looking statements are based on certain assumptions and expectations of future events. This presentation should not be relied upon as a recommendation or forecast by the Company. Please note that the past performance of the Company, its subsidiaries, its joint ventures and its associates, as applicable, is not, and should not be considered as, indicative of future results. The Company cannot guarantee that these assumptions and expectations are accurate or will be realised. The actual results, performance or achievements, could thus differ materially from those projected in any such forward-looking statements. The Company does not undertake to revise any forward-looking statement that may be made from time to time by or on behalf of the Company. Given these risks, uncertainties and other factors, viewers of this presentation are cautioned not to place undue reliance on these forward-looking statements.
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4 Quarterly Highlights
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Q4-FY25 Standalone Synopsis 5 16,228 21,293 Q3 2025 Q4 2025 QoQ HighlightsYoY Highlights 1,923 3,484 Q3 2025 Q4 2025 31.21% 12.82% 17.51% 11.24% 17.04% EBITDA Margin (%) & EBITDA (Rs in Mn) PAT Margin (%) & PAT (Rs in Mn)Total Income (Rs in Mn) 1,686 3,392 Q3 2025 Q4 2025 23,104 21,293 Q4 2024 Q4 2025 3,990 3,484 Q4 2024 Q4 2025 17.69% 2,758 3,392 Q4 2024 Q4 2025 (7.84%) 17.51% 17.04%12.23% Note: 1) Adjusted EBITDA, net of bonus / claim of Rs 475.24 Mn for Q4 FY 25 is 15.49% and net of bonus / claim of Rs 377.10 Mn for Q3 FY 25 is 10.57%. Note: 2) Adjusted gross margin, net of bonus / claim, in Q4 FY 25 is 26.60% , in Q3 FY 25 is 20.97% and Q4 FY 24 is 23.64% . Note: 3) PAT Margin and PAT for Q4FY25 is excluding the exceptional gain of Rs 320.24 Mn (net of tax) recognised on sale of 1 operational HAM project to Indus Infra Trust. Total Income (Rs in Mn) EBITDA Margin (%) & EBITDA (Rs in Mn) PAT Margin (%) & PAT (Rs in Mn) 81.18% 101.20% (12.68%) 23.01%
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Q4-FY25 6 35 78 35 3637 96 28 44 WIP Days Receivable Days Inventory Days Payable Days Net Working Capital Days Mar-24 Mar-25 March 2024: 112 Days Mar 2025: 117 Days 0.95 0.94 0.96 1.03 0.53 0.6 0.56 0.61 0.58 0.82 0.80 0.83 0.92 0.43 0.56 0.51 0.57 0.48 0.26 0.21 0.21 0.20 0.13 0.12 0.10 0.08 0.070.21 0.13 0.13 0.13 0.07 0.08 0.06 0 0 0.00 0.20 0.40 0.60 0.80 1.00 1.20 Debt to Equity Ratio & Net Debt to Equity Ratio (including Mob. Advances) Consolidated Debt to Equity Consolidated Net Debt to Equity Standalone Debt to Equity Standalone Net Debt to Equity Receivable includes the amount due from SPVs amounting to Rs. 16,906.94 Mn for Q4 FY25 and Rs. 15,321.66 Mn for Q4 FY 24 .
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Standalone Profit and Loss Statement (Rs in Millions) 7 Particulars A B C D F Q4 FY 24-25 Q3 FY 24-25 Q4 FY 23-24 YE Mar 25 YE Mar 24 Income Revenue from operations 19,904.09 15,005.35 22,553.52 65,155.68 77,879.64 Other income 1,388.87 1,222.34 549.96 5,003.44 2,252.89 Total income 21,292.96 16,227.69 23,103.48 70,159.12 80,132.53 Expenses Cost of materials consumed 1,041.83 915.57 788.54 3,025.15 2,787.78 Construction expenses 13,272.00 10,601.80 15,693.37 45,551.84 55,459.77 Changes in inventories 9.27 9.97 (74.95) 21.73 5.98 Employee benefits expense 1,479.28 1,397.11 1,665.56 6,053.44 6,643.95 Other expense 568.97 109.95 422.13 1,265.25 1,398.02 CSR expense 48.27 47.79 68.53 193.00 229.64 EBITDA INR (net of other income) 3,484.47 1,923.16 3,990.34 9,045.27 11,354.50 EBITDA % 17.51% 12.82% 17.69% 13.88% 14.58% Adjusted EBITDA % 15.49% 10.57% 13.71% 12.22% 13.42% Finance costs 154.70 207.29 249.96 856.87 1,038.05 Depreciation and amortisation expense 572.49 611.92 612.19 2,448.32 2,442.30 Profit before tax 4,146.15 2,326.29 3,678.15 10,743.52 10,127.04 Exceptional Items (expenses) / Income 373.68 - 13,719.64 235.71 13,802.67 Tax expenses 807.47 640.38 2,490.03 2,913.16 4,155.39 Profit after tax 3,712.36 1,685.91 14,907.76 8,066.07 19,774.32 PAT % 18.65% 11.24% 66.10% 12.38% 25.39%
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Consolidated Profit and Loss Statement (Rs in Millions) 8 Particulars A B C D E Q4 FY 24-25 Q3 FY 24-25 Q4 FY 23-24 YE Mar 25 YE Mar 24 Income Revenue from operations 22,755.74 16,945.00 24,851.18 73,947.04 89,801.50 Other income 502.71 1,028.77 304.42 1,954.21 1,027.56 Total income 23,258.45 17,973.77 25,155.60 75,901.25 90,829.06 Expenses Cost of materials consumed 1,041.83 915.57 788.54 3,025.15 2,787.78 Construction expenses 13,854.04 10,691.10 16,359.14 46,421.21 56,913.83 Changes in inventories 9.27 9.97 (74.95) 21.73 5.98 Employee benefits expense 1,473.65 1,394.76 1,669.80 6,043.43 6,654.25 Other expense 875.77 187.80 637.22 1,880.15 1,986.93 CSR expense 48.27 47.79 68.53 193.00 229.64 EBITDA INR (net of other income) 5,452.91 3,698.01 5,402.90 16,362.37 21,223.09 EBITDA % 23.96% 21.82% 21.74% 22.13% 23.63% Adjusted EBITDA % 22.34% 20.04% 18.32% 20.81% 22.73% Finance costs 1,206.25 1,125.84 1,284.89 4,480.46 5,646.10 Depreciation and amortisation expense 571.62 611.04 612.19 2,445.79 2,442.30 Profit before tax 4,177.75 2,989.90 3,810.24 11,390.33 14,162.25 Share of profit of associate 642.20 513.84 64.49 2,098.14 64.49 Exceptional Items (expenses) / Income 218.74 - 3,062.80 -122.61 3,062.80 Tax expenses 1,007.09 877.83 1,406.63 3,211.91 4,059.88 Profit after tax 4,031.60 2,625.91 5,530.90 10,153.95 13,229.66 PAT % 17.72% 15.50% 22.26% 13.73% 14.73%
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Debt Breakup (Fund Based) as on March 31, 2025 9 86% 4% 3% 7% STANDALONE DEBT DEBENTURES TERM LOAN LC Bill Discounting MOBILISATION ADVANCE Standalone Debt 90% 10% 0% CONSOLIDATED DEBT PROJECT LOAN STANDALONE DEBT MOBILISATION ADVANCE Consolidated Debt Particulars Rs. in Million Debentures 4,583.97 Term loan 235.25 LC Bill Discounting 152.00 Mobilization advances 370.26 Total Debt 5,341.57 #Cash and bank 5,849.67 #Cash and bank includes lien marked FDR’s valuing 118.69 Current investments 3,165.39 Particulars Rs. in Million Project loan 44,538.21 Standalone debt 4,971.31 Mobilization advance - Total debt 49,509.52 #Cash and bank 8,956.62 #Cash and bank includes lien marked FDR’s valuing 1,816.32 Current investments 3,329.72
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Robust Order Book 10 Order book as on 31st March 2025 is Rs 1,91,799 Mn * 62% 16% 4% 10% 8% Client Wise Distribution NHAI OTHERS NHLML MSRDCL NHPC 4% 74% 7% 1% 5% 0% 1% 8% Project Mix MMLP Road Transmission Tunnel works Railway & Metro OFC 12% 23% 5%1% 6% 0% 0% 1% 1%0% 12% 6% 3% 19% 1% 8% State Wise Distribution Uttar Pradesh Maharashtra Madhya Pradesh Gujarat Bihar Chattisgarh Rajasthan Andhra Pradesh Odisha West Bengal Karnataka Punjab Telangana Multiple states * The Company was also declared L1 for 2 Road projects, 1 Railway project and 1 OFC project worth Rs. 51,663.41 Mn. Considering these four projects, Order book of the Company would be Rs. 243,462.41 Mn.
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11 Projects Portfolio
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Portfolio of Road / Transmission Projects (Operational) 12 Reengus-Sikar (BoT - Annuity) Nagaur-Mukundgarh (HAM) Transmission system in Rajgarh Bilaspur-Urga (HAM) Bahadur Ganj-Araria (HAM) Ena – Kim (HAM)* Ujjain - Badnawar (HAM) * * On November 30, 2024, the Company has received PCOD for Ena-Kim (HAM) project. On January 3, 2025, the Company has received PCOD for Ujjain – Badnawar (HAM) Project. As on date Company has total 7 projects which are operational. GR Galgalia Bahadurganj Private Limited has been transferred to Indus Infra Trust on March 27, 2025. Further, GR Aligarh Kanpur Highway Private Limited was transferred to Indus Infra Trust on September 16, 2024. During Q4 FY 2024, Company had transferred 7 operational HAM assets to Indus Infra Trust
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Portfolio of Road / Transmission Projects (Under Construction) • Shirsad-Masvan (HAM) • Yamuna Bridge Highway (HAM) • Venkatpur Thallasenkesa (HAM) • Amritsar Bathinda Corridor (HAM) • Ludhiana Rupnagar (HAM) • Hasapur – Badadal Highway (HAM) • Bamni to MH/TG Border (HAM) • Madanapalli-Pileru (HAM) • Anjar Bhuj (HAM) Bandikui-Jaipur Corridor (HAM) • Bandikui-Jaipur Corridor (HAM) • Govindpur-Rajura (HAM) • Devinagar Kasganj Bypass (HAM) • Belgaum Raichur Package 5 (HAM) • Belgaum Raichur Package 6 (HAM) • Kasganj Bypass (HAM) (Appointed date received in April 2025) • Tarakote Sanjhichhat (BOOT) • Tumkur REZ (BOOT) • Transmission system in Rajgarh II (BOOT) • Bijapur REZ Transmission (BOOT) • Indore MMLP Project (DBFOT) Highway s Ropeway s Power Transmission MMLP
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Projects awaiting appointed date Varanasi‐Ranchi‐KolkataHighway (HAM) Agra Gwalior (DBFOT Toll) 14
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15 What we do & Key Milestones
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GRIL – Our Business 16 HIGHWAYS BRIDGES RAILWAYS & METRO TRANSMISSION METAL CRASH BARRIER EMULSION/ PMB TUNNEL WORK ROAD SIGNAGES AND MARKING PAINT ROPEWAYS
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Key Milestones 17 • First HAM project awarded with Bid Project Cost of ₹ 13,670.0 Mn • Divestment of equity stake in - Jodhpur Pali Expressway Limited and Shillong Expressway Limited • Awarded first railway project • Third bitumen emulsion manufacturing unit came up at Sandila, Uttar Pradesh 2016 - 2019 2021 - 2022 2011 - 2015 • Equity investment by IBEF I, IBEF and IDFC • Completed Shillong Bypass ~10 months prior to SCOD • Commissioned Second 30,000 MT PA bitumen emulsion unit at Guwahati ,Assam • Commenced operations of 24,000 MT PA , fabrication and galvanisation unit for metal crash barriers at Ahmedabad, Gujarat. 2007 - 2010 • Name changed to “G R Infraprojects Limited” • Commissioned 30,000 MT PA Bitumen emulsion/PMB unit at Udaipur • Established centralized workshop with fabrication facilities at Udaipur. 2001 - 2006 • Commencement of business • Take-over of business of M/s Gumani Ram Agarwal • Foray into development of infrastructure projects 1996 - 2000 • Achieved PCOD for first NHAI HAM project, Phagwara – Rupnagar • Successful listing of the Company on BSE and NSE on July 19, 2021 • Entry into Transmission Segment 2023 - 2024 • Company has transferred 7 operational HAM assets to Indus Infra Trust (Formerly known as Bharat Highways InvIT).
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Overview – GRIL Snapshot 18 An Integrated EPC Company, with proven track record of timely project execution over last 28 years. Presence in 23 States 4 Manufacturing Units 8000+ plant & equipment CRISIL Rating: AA (Stable)CARE Rating: AA+ (Stable) ~10,934 employees
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Our Clients 19
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Committed to growth, with purpose 20 GROWING TOGETHER WITH OUR NATION, CLIENTS AND PEOPLE FOCUSED EPC PLAYER EXPAND THE PORTFOLIO INTEGRATED BUSINESS MODEL FOCUSED MARKET STRATEGIES Environment We show our care for the environment through CSR initiatives Communities & People We bring benefits to all communities that work with us and nurture a place to grow Construction We understand the nations need, design it through perfection and build it to dreams Finance & Governance We drive business performance through disciplined financial management and governance
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Strong Board with diverse experience 21 Vinod Kumar Agarwal : Chairman and Wholetime Director He has over 27 years of experience in the road construction industry. He has been a Director on our Board since incorporation of our Company and has been instrumental in the growth of our Company. He looks after the strategy and policy formulation for our Company and liaises with various departments of the Government and also manages various processes in our Company. Ajendra Kumar Agarwal : Managing Director He holds a bachelor’s degree in civil engineering from Jodhpur University and has experience of over 27 years in the road construction industry. He is responsible to administer the overall functioning of our Company. He heads the in-house design team and is actively involved in continuous value engineering using the latest specifications and methodologies. Vikas Agarwal : Wholetime Director He holds a bachelor’s degree in commerce from Mohanlal Sukhadia University, Udaipur. He has over 17 years of experience in the road construction industry. He is responsible to look after the functioning of running projects and plays an instrumental role in digital transformation of our Company. Kalpana Gupta : Non-Executive Independent Director She is an associate of the Indian Institute of Bankers. In addition, she has been certified by the National Institute of Securities Markets for the completion of the securities markets foundation certification examination, mutual fund distributors certification examination, and the retirement adviser certification examination. She has prior experience of over 34 years in the banking sector and was most recently associated with Punjab National Bank as general manager.
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Strong Board with diverse experience 22 Rajendra Kumar Jain : Non- Executive Independent Director He holds a bachelor’s degree in commerce from Rajasthan University and a master’s degree in commerce (specialising in business administration) from Maharshi Dayanand Saraswati University, Ajmer. He is also a fellow of the Institute of Company Secretaries of India. He has over 19 years of experience as a practicing company secretary. Desh Raj Dogra : Non-Executive Independent Director He holds a bachelor’s and a master’s degree in science from Himachal Pradesh University and a master’s degree in business administration from University of Delhi. He is also a certificated associate of the Indian Institute of Bankers and has over 37 years of experience in the financial sector, mainly in the areas of banking and credit rating. He was associated with Dena Bank for 15 years and has retired as a Managing Director and Chief Executive Officer of CARE Ratings. Rajan Malhotra : Non-Executive Independent Director He is aged 66 years, qualified as B.Tech (Mech.) and has over 42 years of experience in the Engineering and Construction Industry. He has worked with L& T for over 40 years, in various capacities, in India Brief Profile and overseas. He was Advisor to the MD & CEO, in his last appointment, before he took retirement. He had headed Larsen & Toubro’s construction business for Northern India, based in Delhi. Mr. Malhotra also looked after corporate affairs for the company’s business in Delhi. Chander Khamesra : Non-Executive Independent Director He holds a bachelor’s degree in commerce and a master’s degree in business administration (executive) from the Mohanlal Sukhadia University, Udaipur. He has 23 years of experience in the jewellery industry. In addition to our Company, he is currently on the board of directors of Mayura Jewels (India) Private Limited.
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23 Historical Data (Financial & Operational)
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Historical Financial Data 24 14,379 14,135 14,940 13,607 14,049 19.50% 17.56% 17.94% 16.98% 20.02% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 EBITDA* (%) / EBIDTA (Rs in Mn) EBITDA EBITDA Margin 72,445 79,192 81,476 77,880 65,156 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Revenue From Operations (Rs in Mn) Revenue From Operations *Margin has been calculated basis total income All data on Standalone basis
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Historical Financial Data 25 7,806 7,608 8,518 7,556 7,864 10.78% 9.61% 10.45% 9.70% 12.07% FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 PAT (Rs in Mn) / PAT Margin * (%) PAT 4,199 5,606 7,644 8,475 8,682 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Net Cash Flow (Used In)/ from operating Activities (Rs in Mn) Net Cash From Operating Activities * Margin has been calculated basis Revenue of Operations. All data on Standalone basis PAT Margin and PAT is excluding • exceptional gain of Rs. 202.00 Mn (net of tax) recognised on transfer of 2 operational HAM projects and indemnification claim paid to Indus Infra Trust in FY25 • exceptional gain of Rs 12,218.26 Mn(net of tax) recognised on transfer of 7 operational HAM projects to Indus Infra Trust and sale of 21% stake in one of its subsidiary company in FY24
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Historical Financial Data 26 0.33 0.23 0.21 0.10 0.06 0.82 0.70 0.72 0.54 0.35 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Net Debt/ Equity & Net Debt /EBITDA Net Debt/Equity Net Debt/EBITDA 6.27 5.73 5.67 5.74 5.51 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025 Fixed Assets Turnover Ratio Fixed Assets Turnover Ratio • All data on Standalone basis
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Historical Operational Data 27 1,70,526 1,31,039 1,95,294 1,67,806 1,91,799 FY21 FY22 FY 23 FY 24 FY 25 Order Book * (Rs.in Mn) Order Book 16,333 17,721 16,157 14432 10934 FY21 FY22 FY 23 FY 24 FY 25 Employee Count Employee Count *excluding GST
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Strong focus on Quality Execution 28 Design and engineering (Centralized): Continuous improvements are made on the designs in coordination with the Project Management Team (PMT) Manufacturing (In-house across the country): Supply is synchronized with site progress and product specifications are finalized by PMT Quality control (ISO 9001:2015, ISO 140001:2015 & ISO 45001:2018 certifications): Coordinates with quality team to rectify defects at the earliest Procurement (Centralized): Procurement manager on-site conveys the material requirements to the PMT and central procurement team Supply logistics (In-house with GPS tracking and diagnostic tools): Ensures timely delivery of materials in coordination with PMT On-site Project Management Team: Transfers information on material, manpower, current progress and other aspects to the PMT Integration of technology at every step of construction, strong planning & monitoring, clearly defined processes, and digital project management ensures robust Corporate Governance. Service Delivery Excellence
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CAPABILITIES 29 HUMAN CAPITAL 10,934 highly skilled, experienced, and committed employees BACKWARD INTEGRATION Manufacturing of key components, and integration in the construction process resulting in high quality IN-HOUSE DESIGN Complete design solution for complex projects QUALITY , INFORMATION SECURITY , ENVIRONMENT, HEALTH & SAFETY CONSTRUCTION AUTOMATION CREDIT RATING INTEGRATED LOGISTICS SUPPORT PLANT & EQUIPMENT DIGITAL PROJECT MANAGEMENT FINANCIAL DISCIPLINE Integration of technology at each stage of construction to ensure precision with quality ISO 45001, ISO 14001, ISO 27001 & ISO 9001 CERTIFIED Strict oversight on costs by creating an ownership mind-set and good governance Streamlined process of planning, delegating, tracking , reviewing and measuring results to ensure timely execution, and quality 8000+ machines and equipment. Fleet that produces best results To enhance effectiveness of goods movement and ensure run for all interdependent activities CRISIL AA (STABLE) CARE AA+ (OUTLOOK STABLE) as on 31st March 2025
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Leveraging operating efficiencies from vertical integration 30 Metal Crash Barrier, OHE Mast & Galvanization Facility, Ahmedabad Capacity: 24,000MT Emulsion Facility, Sandila Capacity:24,960 MT PMB, Emulsion facility & Road Signages, Udaipur. Capacity: 30,000MT Emulsion facility, Guwahati Capacity: 30,000MT Integrated In-house Model In-House Design & Engineering Team Owned construction equipment & transportation fleet In-House manufacturing facilities Enables efficient designs & quick changes Reduces pilferage, equipment downtime & inefficiencies in the supply chain Enables cost control, better-quality management, & timely delivery THREE KEY STEPS IN VALUE CHAIN ~10,934 Strong Talent Pool as on 31st March 2025
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31 Awards and Accolades
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AWARDS & ACCOLADES ASSOCHAM Excellence in Highway Construction Safety Ambition Box Construction World Festival Best Places to Work in Construction Industry Top Challenger in Indian Construction Industry Timely Project Completion in Challenging Conditions ASSOCHAM Construction Industry Development Council Best Professionally Managed Company Partners for Progress Trophy Construction Industry Development Council Economic Times Infra Leader of the Year
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AWARDS & ACCOLADES Construction Industry Development Council Ministry of Road Transport & Highways Best HSE Construction Project Certificate of Appreciation Best Construction Projects Construction Industry Development Council EPC World Awards Outstanding Contribution in Roads & Highways Industry Outlook Top 10 Bitumen Manufacturers NHIDCL Best Performing Contractor Business Today in association with Yes Bank Emerging Companies Excellence Award Certificate of Appreciation – UJBA Project NHAI
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Getting People Places, Faster G R Infraprojects Limited Corporate Office: Second Floor, Novus Tower, Plot No.18, Sector-18, Gurugram, Haryana-122015, +91 124 643 5000 Registered Office: Revenue Block No.-223, Old survey No. 384/1, 384/2, Paiki and 384/3, Khata No. 464, Kochariya, Ahmedabad, Gujarat - 382220 Thank You Anand Rathi, CFO G R Infraprojects Limited Website : www.grinfra.com Email : info@grinfra.com