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About Afcons Infrastructure Limited
Afcons Infrastructure Limited is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji group, a diversified group with a legacy of over six decades. Company has a strong track record of executing numerous complex, challenging, and unique EPC projects both within India and internationally. According to the Fitch Report, they are one of India’s largest international infrastructure companies. As of Sept 2023, we have 67 active projects across 13 countries, aggregating to an order book of Rs. 348.88 billion. Among large infrastructure construction companies in India, they had the highest ROCE and ROE margins for the Financial Year 2023.
Why To Invest in Afcons Infrastructure Limited
Leading infrastructure engineering & constrcution company of Shapoorji Pallonji Group with legacy of over six decades.
The Company proposes to utilise the Net Proceeds towards funding:
- Capital expenditure towards purchase of construction equipment
- Funding long term working capital requirements
- Prepayment or scheduled repayment of a portion of certain outstanding borrowings and acceptances availed by the Company
Financial Table
| Year | 6-month ended Sept 2023 | 2023 | 2022 | 2021 |
|---|---|---|---|---|
| Revenue from Operations (Rs. Cr) | 6505.3 | 12637.3 | 11018.9 | 9375.5 |
| Profit After Tax (Rs. Cr) | 195.1 | 410.8 | 357.6 | 169.9 |
Strengths And Risks
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Timely Execution of Large-Scale, Complex and High-Value Projects : During FY 2021, 2022 and 2023 and the 6-month ended Sept 2023, company successfully completed 26 projects in 10 countries, aggregating to Rs. 25504 Cr in terms of contract value, and of which 25 projects were completed on or ahead of schedule. Some of the notable projects from the company are: Jammu Udhampur Project, Chenab Bridge,Atal Tunnel, MG Setu Bridge, Annaram Barrage: Kolkata Metro, Ghana Rail Project, Mumbai - Ahmedabad High Speed Railway.
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Diversified Order Book : Company has a siversified order book across geographies, clients, and business verticals. They have longstanding relationships with clients globally, and strong financial performance. The order book has grown from Rs 262,48.4 Cr as of March 2021, to Rs. 34888.3 Cr as of Sept 2023.
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Strategic Equipment Base: Company focusses on collaboration among internal teams & with JV partners and holds a large equipment base including 10 marine barges, 133 cranes, 16 tunnel boring machines, eight large capacity jack ups, and 20 piling rigs giving them strong execution capabilities.
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Knowledge Management and Innovation: Afcons Infrastructure Limited has received recognition for its knowledge management practices through the MAKE (Most Admired Knowledge Enterprise) and MIKE (Most Innovative Knowledge Enterprise) awards over the last several years, highlighting commitment to fostering a culture of innovation and problem-solving.
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Experienced Leadership: Afcons Infrastructure is the flagship infrastructure engineering and construction company of the Shapoorji Pallonji Group, one of the leading conglomerates in India operating for over 150 years in the construction industry. They are led by Mr. Shapoor Pallonji Mistry, CMD & Chairman and Mr. Subramanian Krishnamurthy, Executive Vice Chairman, with over 21 years of experience in the construction and engineering sector and Mr. Paramasivan Srinivasan, MD, with over 40 years of experience across functions.
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Competitive Bidding: Company enters into contracts primarily through a competitive bidding process, and the business depends on its ability to bid for and be awarded contracts for projects by project owners.
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Government Projects: Company's business significantly depends on projects awarded by government and government-owned customers both in India and in other countries, including central or state governments, governmental organizations and public sector undertakings, which subjects them to risks.
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Capital Intensive: Company's business is capital intensive. If they experience insufficient cash flows or are unable to access
suitable financing to meet working capital requirements and loan repayment obligation, its inancial condition and results of operations could be adversely affected.
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Outstanding Receivables: As of September 30, 2023 and March 31, 2023, 2022 and 2021, 72.88%, 64.60%, 60.48%, 48.51%, respectively, of its total trade receivables, on a consolidated basis, had been outstanding for a period exceeding six months from their respective due dates of payments.
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