HG Infra - Ganga Expressway On Track: IDBI Capital

IDBI Capital Report

We visited HG Infra Engineering Ltd.’s Ganga expressway project site and interacted with the execution team and management. HG Infra was awarded Ganga expressway project, a six lane greenfield access controlled expressway of 151.7 km in Q1 FY23, with project cost of Rs 44 billion.

The schedule completion time is 27 months post appointed date of third November 2022 i.e. January 2025, though company is planning on early completion in 24 months post which they will be eligible for early completion bonus of Rs 500 million.

Revenue growth guidance is maintained with target of growing ~22% YoY in FY24E, of which one third is expected to come from Ganga expressway project.

HG Infra is eyeing order inflow of Rs 80-100 billion in FY24E, of which ~60-70% is expected from highway projects and 30-40% is expected from other segments.

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