Ashoka Buildcon’s Revenue Surge by 22% YoY in Q4 FY 2024

On May 23, 2024, Ashoka Buildcon Limited announced their FY 2024 and Q4 FY 2024 financial results. The company reported a revenue growth of 22% YoY in the quarter ended March 2024.

Standalone Financial Performance of Q4 FY 2024 

The total income of Ashoka Buildcon was ₹2,532 crore in Q4 FY 2024 against ₹2,068 crore in Q4 FY 2023. The company reported an EBITDA of ₹219 crore, a 25% increase compared to Q4 FY 2023.

However, the company’s Profit After Tax was ₹268.5 crore in Q4 FY 2024, which dropped by 38% compared to ₹435.1 crore in Q4 FY 2024.

FY 2024 Standalone Financial Performance

In FY 2024, the company reported a total income of ₹7,841 crore, which is 21% higher compared to ₹6,478 crore in FY 2023. The EBITDA was ₹691 crore, with an EBITDA margin of 8.8%.

The company reported a consolidated debt of ₹7,139 crore. The Standalone debt is ₹1,143 crore, which comprises ₹123 crore of Equipment/Term Loans and ₹1,020 crore of Working Capital loans.

Key Developments in Q4 FY 2024

In January 2024, the company received a Letter of Acceptance (LoA) from the City & Industrial Development Corporation of Maharashtra Limited (CIDCO) for designing and constructing a Stilt Bridge for Eastern Connectivity for Navi Mumbai International Airport (NMIA) in a Joint Venture for total consideration of ₹662.55 crore.

Later in February, they got a Letter of Award for the project Six laning of Aurangabad to Bihar Jharkhand Border (Chordaha), Section of NH-2 (PKG -1), in the state of Bihar under Bharatmala on EPC mode for a total consideration of ₹520 crore.

Ashoka Buildcon Limited, along with an investment fund managed by Morgan Stanley India Infrastructure (MSII), has divested its entire stake in Unison Enviro Private Limited, a subsidiary of the company, to Mahanagar Gas Limited (MGL). The deal was finalised at an equity valuation of ₹562.09 crore, with Ashoka Buildcon Limited receiving ₹286.67 crore for its 51% stake.

In the same quarter, Ashoka Buildcon Limited purchased the remaining 50% fully paid-up equity shares from GVR Infra Projects Limited in GVR Ashoka Chennai ORR Limited. This acquisition made GVR Ashoka Chennai ORR Limited a wholly-owned subsidiary of Ashoka Buildcon Limited.

On May 23, 2024, the share price of Ashoka Buildcon Ltd opened at ₹184.90, touching the day’s high at ₹197.50, as of 11:04 AM on the NSE.

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