External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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Equity Bottom-Up

<ul><li>GR Infraprojects Ltd.(GRIL) reported a weak set of numbers in Q2FY24.</li><li>The company reported revenue of Rs 1,574 Cr (down 11% YoY) due to disruptive monsoon, delay in the declaration of AD for various projects and delay in 2 Punjab projects.</li><li>It posted EBIDTA of Rs 194 Cr (down 25% YoY), marginally down from our expectations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR Infraprojects Ltd.(GRIL) reported a weak set of numbers in Q2FY24.The company reported revenue of Rs 1,574 Cr (down 11% YoY) due to disruptive monsoon, delay in the declaration of AD for various projects and delay in 2 Punjab projects.It posted EBIDTA of Rs 194 Cr (down 25% YoY), marginally down from our expectations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR Infraprojects Ltd - Weak Quarter; Delays in Appointed Date Pose Concern

<ul><li>GR Infraprojects Ltd. (GRIL) reported a mixed set of numbers in Q1FY24.</li><li>The company reported revenue of Rs 2,152 Cr, down 13% YoY. It posted EBIDTA of Rs 315 Cr (down 35% YoY), marginally down from our expectations.</li><li>APAT stood at Rs 208 Cr (down 35% YoY) and was above our expectation of Rs 202 Cr. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR Infraprojects Ltd. (GRIL) reported a mixed set of numbers in Q1FY24.The company reported revenue of Rs 2,152 Cr, down 13% YoY. It posted EBIDTA of Rs 315 Cr (down 35% YoY), marginally down from our expectations.APAT stood at Rs 208 Cr (down 35% YoY) and was above our expectation of Rs 202 Cr. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR Infraprojects Ltd - Robust Order Book; Appointed Date Key Monitorable

<ul><li>GR Infraprojects Ltd. (GRIL) reported a weak set of numbers in Q4FY23.</li><li>The company reported revenue of Rs 1,995 Cr, down 12% YoY.</li><li>It posted EBIDTA of Rs 290 Cr (down 28% YoY) and APAT of Rs 192 Cr (down 28% YoY).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR Infraprojects Ltd. (GRIL) reported a weak set of numbers in Q4FY23.The company reported revenue of Rs 1,995 Cr, down 12% YoY.It posted EBIDTA of Rs 290 Cr (down 28% YoY) and APAT of Rs 192 Cr (down 28% YoY).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR Infraprojects Ltd - Robust Order Book; Segment Diversification & Execution to Drive Growth

<ul><li>The company’s order book remains robust at Rs14,000 Cr, giving revenue visibility for the next 1.5-2 years.</li><li>With a healthy NHAI pipeline, we expect the company to receive better order intake which shall drive its revenue growth moving forward.</li><li>We expect the company to grow its revenue at 8% CAGR over FY22-FY24E</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The company’s order book remains robust at Rs14,000 Cr, giving revenue visibility for the next 1.5-2 years.With a healthy NHAI pipeline, we expect the company to receive better order intake which shall drive its revenue growth moving forward.We expect the company to grow its revenue at 8% CAGR over FY22-FY24EContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR Infraprojects Ltd - Order Win Muted; Retain BUY

<ul><li>GR InfraprojectsLtd(GRIL)reported a weakset of numbers in Q2FY23.The company reported revenue of Rs1,777Cr(below estimate), up5% YoY.</li><li>It posted EBIDTA of Rs260Cr (below estimate),down6% YoY, and APAT of Rs164Cr (below estimate),up1% YoY.</li><li>The company registered EBITDA Margins of14.6%in Q2FY23(our estimate:15.3%) as against 16.4% in Q2FY22.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR InfraprojectsLtd(GRIL)reported a weakset of numbers in Q2FY23.The company reported revenue of Rs1,777Cr(below estimate), up5% YoY.It posted EBIDTA of Rs260Cr (below estimate),down6% YoY, and APAT of Rs164Cr (below estimate),up1% YoY.The company registered EBITDA Margins of14.6%in Q2FY23(our estimate:15.3%) as against 16.4% in Q2FY22.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

GR Infraprojects Ltd - Execution Set To Improve; Retain BUY

India

G R Infraprojects Limited provides infrastructure construction services. The Company constructs and maintains roads, highways, bridges, culverts, flyovers, and airport runways. G R Infraprojects serves customers in India.

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G R Infraprojects (GRINFRA IN)

GR Infraprojects Ltd - Weak Quarter; Delays in Appointed Date Pose Concern

The company reported revenue of Rs 1,574 Cr (down 11% YoY) due to disruptive monsoon, delay in the declaration of AD for various projects and delay...

Axis Direct

GR Infraprojects Ltd - Robust Order Book; Appointed Date Key Monitorable

The company reported revenue of Rs 2,152 Cr, down 13% YoY. It posted EBIDTA of Rs 315 Cr (down 35% YoY), marginally down from our expectations.

Axis Direct

GR Infraprojects Ltd - Robust Order Book; Segment Diversification & Execution to Drive Growth

GR Infraprojects Ltd. (GRIL) reported a weak set of numbers in Q4FY23. The company reported revenue of Rs 1,995 Cr, down 12% YoY.

Axis Direct

GR Infraprojects Ltd - Order Win Muted; Retain BUY

With a healthy NHAI pipeline, we expect the company to receive better order intake which shall drive its revenue growth moving forward.

Axis Direct

GR Infraprojects Ltd - Execution Set To Improve; Retain BUY

GR InfraprojectsLtd(GRIL)reported a weakset of numbers in Q2FY23.The company reported revenue of Rs1,777Cr(below estimate), up5% YoY.

Axis Direct

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