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ICICI Securities Report
GR Infraprojects Ltd. is one of the leading listed construction engineering, procurement and construction players, with a large orderbook and a healthy growth outlook.
With its primary focus on road sector, GR Infra has successfully executed more than 100 projects over the past 15 years across the country. Its current orderbook of Rs 131 billion (as of end-FY22), including its hybrid-annuity-model portfolio of 22 assets, provides good visibility, which will likely be boosted further by the strong National Highway Authority of India award outlook (14,389 km worth of highway projects over FY23-24).
GR Infra is also looking to diversify beyond roads into railways, metro, power transmission, ropeways and hydroelectric projects, and is building up capabilities in these areas through project execution itself.
We believe the company's strong balance sheet and cash generation will be sufficient for its upcoming HAM equity requirement.
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