Transcript of the post earning call held with the investors on 20th May, 2025 at 11:30 a.m. (IST) for the audited financial results for half year and financial year ended 31st March, 2025.
MARKOLINES · price
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FY25 revenue dipped to INR307 crores from INR350 crores due to the wettest monsoon hurting H1, but profitability improved: PAT grew to INR22.56 crores from INR17.3 crores, EPS rose 11% to INR10, and net PAT margins expanded by 381 basis points. Management attributed margin gains to a higher mix of specialized construction and tunnelling, where margins are 18-20% versus ~12% in highway maintenance. Order book stood at INR357 crores with an additional ~INR50 crores added recently and an INR500+ crores pipeline. The company announced a merger of Markolines Infra (FY25 revenue INR133 crores, PAT INR12.29 crores) into the listed entity, expected to complete in 6-9 months, pushing the combined order book beyond INR400 crores. Management guided to crossing INR1,000 crores in revenue within 3-4 years, with BSE Main Board migration also in progress.
Margin expansion and a more profitable business mix are positives, but the revenue decline and elevated receivables (Q4-heavy execution pushed receivables past 200 days) need watching. Pending merger, tunnelling projects, and BSE Main Board migration are near-term catalysts for shareholders.