AFCONS · Construction
Afcons Infrastructure Ltd. reported revenue of ₹3,211 cr for October to December 2024, +2.7% on the year and +8.5% on the quarter.
Operating profit (EBITDA) was ₹364 cr, a margin of 11.3%, −63 bps on the year and −29 bps on the quarter. Over the last 7 quarters the margin has ranged from 9.6% to 12.0%, averaging 10.8%. Operating costs grew +3.5%, faster than revenue at +2.7%, so operating profit grew less than sales.
Net profit was ₹149 cr, +35.5% on the year and +10.4% on the quarter, with earnings per share of ₹4.05. Profit before other income, one-offs and tax fell 35.2%, so 71 points of the headline growth came from outside the core business. The tax rate was 26% against an average of 32% over the previous 6 quarters, which lifted profit this quarter.
Capital goods and EPC revenue follows project execution, which makes quarters uneven; the order book and new orders tell more about the year than one quarter does. The quarterly statements do not carry the order book, new orders and working capital; those come with the filing read.
On earnings per share of ₹14.96 over the last four quarters, the stock at ₹243.92 trades at 16.3 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +35.5% on the year; profit before other income, exceptional items and tax −35.2%.
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 61% of profit before tax, against 31% a year earlier.
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹3,334 cr | ₹3,126 cr | ₹3,636 cr | ₹3,154 cr | ₹2,960 cr | ₹3,211 cr | ₹3,223 cr | ₹3,370 cr | ₹2,988 cr | ₹2,976 cr | ₹2,614 cr | ₹2,671 cr |
| YoY | — | — | — | −1% | −11% | +3% | −11% | +7% | +1% | −7% | −19% | −21% |
| EBITDA margin | 10.0% | 12.0% | 9.8% | 11.2% | 11.6% | 11.3% | 9.1% | 12.9% | 11.0% | 13.8% | 1.6% | 9.4% |
| Other income, % of PBT | 63% | 31% | 84% | 44% | 68% | 61% | 89% | 27% | 76% | −22% | — | 110% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 35% | 39% | 30% | 32% | 29% | 26% | 40% | 25% | 30% | 21% | — | 40% |
| Net profit | ₹104 cr | ₹110 cr | ₹145 cr | ₹92.0 cr | ₹135 cr | ₹149 cr | ₹111 cr | ₹137 cr | ₹105 cr | ₹97.0 cr | −₹89.0 cr | ₹30.0 cr |
| YoY | — | — | — | +1% | +30% | +35% | −23% | +49% | −22% | −35% | −180% | −78% |
| Core profit YoY | — | — | — | −3% | +2% | −35% | −41% | +76% | −41% | +90% | −1,260% | −104% |
| EPS | ₹14.47 | ₹15.24 | ₹4.25 | ₹2.69 | ₹3.97 | ₹4.05 | ₹3.02 | ₹3.74 | ₹2.87 | ₹2.64 | −₹2.40 | ₹0.83 |
| Flags | 1 | 1 | 1 | ✓ | 2 | 2 | 1 | ✓ | 1 | ✓ | 2 | 2 |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Afcons Infrastructure Ltd. reported revenue of ₹3,211 cr (+2.7% on the year) and net profit of ₹149 cr (+35.5% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −35.2% on the year, against +35.5% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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