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Motilal Oswal Report
GR Infraprojects Ltd. witnessed strong order inflows (~Rs 94 billion) in FY22 and its order book currently stands at Rs 170 billion (2.2 times FY22 revenues).
Out of the 10 projects won, eight were hybrid-annuity-model projects, one was metro project and one was power transmission project. The order wins not only allayed concerns on depleting order book, but also provided comfort on future growth. At the end of FY22, GR Infra has 30 projects under execution.
GR Infra is consciously focusing on leveraging its road sector experience and foray into other infrastructure sectors. As of now, it is looking at segments such as-
railways: projects involving earthwork and track linking,
metros: civil engineering work and
power transmission (tariff-based competitive bidding).
It bagged its first Power transmission project in FY22. GR Infra would bid for projects in these sectors, if the company can continue to maintain its current margin profile.
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