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ICICI Securities Report
GR Infraprojects Ltd. has been struggling with building up orderbook for sustainable growth in execution and has guided for FY25 revenue growth of 0-5%, Ebitda margin of 15-16% and order inflow of Rs 200 billion. While executable orderbook stands low at Rs 100 billion (1.25 times FY24 revenue), its orderbook including Level-one has improved significantly to Rs 211 billion (2.6 times FY24 revenue).
While FY24 was a washout year in terms of order wins, FY25E is likely to be strong with a large project in the pipeline, and many more likely to be bid out post elections.
While launch of INVIT has improved its ability to churn assets and improve profitability, improved order inflow in FY25E can set the stage for GR Infra for a strong medium-term growth.
We maintain Buy on the stock with SoTP-based revised target price of Rs 1,820/share.
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