Man Infra Q4 Results Review - Strong Upcoming Order Book, Surging Net Profits; Maintain Buy: Axis Securities

Axis Securities Report

Man InfraConstruction Ltd. reported a revenue of Rs 1,263 crore in FY24, reflecting a decline of 33.2%. The engineering, procurement and construction business contributed Rs 737 crore, while the real estate business recorded revenue recognition of Rs 527 crore.

This decline is attributed to the company's adoption of an asset-light business model, where project sales are recorded in the landlord’s books. Man Infra reported an Ebitda of Rs 326 crore and achieved a lifetime best profit after tax of Rs 300 crore, marking a 16% increase and demonstrating an impressive PAT margin of 24%.

The rising PAT reflects profits from joint venture projects. The company has further reduced its debt to Rs 130 crore and is net cash positive, with a cash balance of Rs 237 crore.

Through the preferential route, Man Infra raised Rs 543 crore, earmarked for working capital requirements, business expansion, and fixed asset purchases.

Collections stood at Rs 376 crore for Q4 FY24 and Rs 1,197 crore for FY24. Man Infra achieved sales volumes of 3 lakh square feet and a sales value of Rs 744 crore in FY24, with volumes of 1.5 lakh sq. ft. and a value of Rs 391 crore for Q4 FY24.

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