Afcons is a part of leading Indian conglomerate – Shapoorji Pallonji (SP) Group with diversified interests across various sectors including energy, rail & road transportation, hospitality, and other industrial projects. It has taken pioneering initiatives across many sectors that it operates in and has overcome many challenges to provide reliable infrastructure to contribute to the country’s growth. Afcons greatest strength is its highly experienced and proficient in-house talent pool. Afcons has projects in over 25 countries across multiple continents & is ranked very high amongst its peers.

Area of Activity

Marine, Industrial Complex, Transport, Infrastructure, Oil & Gas, Hydro & Underground projects.

Financial Highlights

  • On a consolidated basis, total income of INR 12,844.09 Crores in FY23 as compared to the FY22: INR 11,269.54 Crores showing an increase of 13.97%. The EBIDTA during the same period was INR 1,373.80 Crores compared to INR 1,068.59 Crores resulting in an increase by 28.56%.
  • On a standalone basis, total income of INR 12,683.50 Crores for FY23 as compared to the INR 10,792.51 Crores in FY22 accounting an increase of 17.52%. The Profit before Tax during the same period was INR 623.02 Crores as compared to INR 283.04 Crores in the previous year resulting in increase of 120.12%.
  • The Profit after Tax for FY23 was INR 409.67 Crores as compared to INR 259.30 Crores in FY22 resulting in an increase by 57.99%.
  • Current ratio for FY23 is exactly same to FY22 i.e., 1.03.
  • Debt to equity ratio for FY23 is 0.59 as compared to 0.70 in FY22.
  • Return on Investment for FY23 is 0.07 as compared to 0.06 in FY22.
  • Return on Equity for FY23 is 16.69% as compared to 12.17% in FY22 due to increase in net profit.
  • Net Profit ratio for FY23 is 3.29% as compared to 2.47% in FY22.
  • Afcons bagged new projects worth of INR 7,922 Crores in FY23. Pending order book stands at INR 30,406 Crores at the end of FY23.
  • ICRA has given A+ for long-term investment, which signifies high credit quality and short-term rating of A1.

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Financial Figures (INR Crore)

Particulars Mar-23 Mar-22 Mar-21 Mar-20 Mar-19
Total Income 12,844.09 11,269.54 9,521.13 10,130.69 8,875.68
PBT 599.08 406.55 290.5 375.62 319.26
PAT 410.86 357.6 169.89 247.69 234.44
Cash Flow from Operations 1,215.45 610.45 913.46 1,049.52 759.86
Cash Flow from Investing -870.19 -250.62 -259.83 -389.53 -215.64
Cash Flow from Financing -482.53 -521.01 -563.65 -454.89 -353
EPS 12.06 10.49 23.6 34.41 32.57


Investment on infrastructure projects forms one of the priorities for the current government. Investments is primarily adding value to the country’s growth based on the multiplier effect on growth, also adds to job creation & betterment of citizen’s life. Moreover, provide cushion against global headwinds because of government and private players spendings and capital infusion. Construction sector in India continues to outperform and contribute significantly to India’s economic growth. On the back of healthy order books and robust execution, construction companies delivered strong performance.

As per the provisional estimates of The National Statistical Office (NSO), Ministry of Statistics and Programme Implementation (MoSPI), Construction industry has ~ 8.4% share in overall Gross Value Added (GVA) for FY23. Construction sector is second, after agriculture, in providing employment in India. Construction sector grew 10% to INR 12.4 Lakh Crores as per NSO estimates.

Subsidiaries & Joint Venture

Afcons Infrastructure Limited has 12 subsidiaries, 10 fellow subsidiaries & 16 Joint Ventures.


Shapoorji Pallonji & Company – 68.23

Renaissance Commerce Private Limited – 5.59

Floreat Investments Limited – 18.09

Hermes Commerce Limited – 5.63

Key Personnel

Shapoorji Mistry - Chairman

K Subramanian - Executive Vice Chairman

S Paramasivan - Managing Director

Ramesh Kumar Jha - Chief Financial Officer

For any queries, reach out to: unlisted@rurashfin.com or Call: +91 224157 1111