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SRM Contractors Limited announced its audited financial results for the quarter and year ended 31 March 2025, approved by the Board of Directors on 20 May 2025. Financial Highlights (Standalone): For the Financial Year ended 31 March 2025: Revenue from operations increased by 53.79% to ₹526.59 crore, compared to ₹342.42 crore in the previous financial year. Profit After Tax (PAT) surged by 126.23% to ₹50.16 crore, up from ₹22.17 crore in FY 2023-24. Basic Earnings Per Share (EPS) for FY 2024-25 stood at ₹21.86, against ₹13.24 in FY 2023-24. For the Quarter ended 31 March 2025: Revenue from operations was ₹226.69 crore. Profit After Tax (PAT) was ₹22.61 crore.

• The Board of Directors did not recommend any dividend for the financial year ended 31 March 2025. Key Board Decisions and Strategic Developments: The Board has consented to acquire a 51% equity stake in Maccaferri Infrastructure Private Limited (MIPL), an Indian wholly-owned subsidiary of Officine Maccaferri S.p.A., Milan, Italy. SRM Contractors will hold 51% of the voting rights upon signing the Share Purchase Agreement (SPA) and Shareholders’ Agreement (SHA). SRM Contractors acquired SRM Serves Foundation, a Section 8 Company, as its wholly-owned subsidiary to carry out CSR activities. M/s D.K Pandoh & Associates have been appointed as Secretarial Auditors for a period of 5 years, subject to shareholder approval. Mr. Vijay Langoo has been appointed as Internal Auditor for the financial year 2025-26. M/s Verma Khushwinder & Co. have been appointed as Cost Auditors for the financial year 2025-26. Auditor's Emphasis of Matter: The company spent an accumulated balance of ₹95.44 lakhs on CSR activities by 31 March 2025. The company reversed Input Tax Credit (ITC) of ₹3.01 crore for FY 2023-24 and ₹3.70 crore for FY 2024-25 due to inadequate supporting documents, with recovery from respective parties to be pursued through legal procedures.

• SRM Contractors specializes in infrastructure development projects in challenging terrains, focusing on roads, bridges, tunnels, and slope stabilization.
• The company is expanding its scope to include aerial ropeways, hydroelectric projects, and mining sector civil infrastructure.
• SRM's key business moats include a centralized procurement and equipment management model, reducing reliance on third-party suppliers.
• The company has an employee strength of over 275, including a dedicated team of more than 80 engineers.
• As of March 31, 2025, SRM has completed 32 road & bridge projects, 4 tunnel projects, 1 slope stabilization project, and 2 other civil construction projects.
• Key competitive strengths include a proven track record in difficult terrain, a business model of clustering projects in specific geographical areas, continuous focus on equipment ownership and a strong financial performance.
• Financial Performance:
• Revenue from Operations: ₹52,812.9 Lakhs in FY25, a 54.23% increase from ₹34,242.10 Lakhs in FY24.
• EBITDA: ₹9,535.8 Lakhs in FY25 with a margin of 17.59%.
• PAT: ₹5,500.3 Lakhs in FY25 with a margin of 10.15%.
• Order Book Analysis (as of March 31, 2025):
• Total order book: ₹1,460.57 Crore.
• Segment-wise: Roads & Bridges (₹843.54 Crore), Tunnels (₹187.32 Crore), Slope Stabilization (₹429.71 Crore).
• Geographical distribution: Jammu & Kashmir (₹593.93 Crore), Uttarakhand (₹280.88 Crore), Gujarat (₹261.11 Crore), Leh & Ladakh (₹174.84 Crore), Himachal Pradesh (₹94.61 Crore), Odisha (₹53.40 Crore), Arunachal Pradesh (₹1.82 Crore).
• Average completion time: 18 to 24 months.
• Debt Profile:
• Substantial reduction in debt levels post-listing.
• Gross Debt – Equity Ratio as of March 31, 2025: 0.15.
• CARE Edge Ratings upgraded the rating of long-term bank facilities from CARE BBB to CARE BBB+.
• Tenders under evaluation and in the pipeline amount to ₹3,616 Crore, with an additional ₹1,636 Crore in HAM projects.

SRM Contractors Limited announced its audited financial results for the quarter and financial year ended 31 March 2025, along with key board decisions.

• Standalone Financial Highlights:
  • Revenue from operations for Q4 FY25 stood at ₹226.69 crore, significantly up from ₹107.87 crore in Q4 FY24.
  • Total income for Q4 FY25 was ₹230.62 crore, compared to ₹108.66 crore in Q4 FY24.
  • Profit before tax for Q4 FY25 was ₹30.11 crore, a substantial rise from ₹7.99 crore in Q4 FY24.
  • Profit for the period (Net Profit) for Q4 FY25 was ₹22.61 crore, up from ₹6.86 crore in Q4 FY24.
  • Earnings per share (Basic and Diluted) for Q4 FY25 was ₹9.85, compared to ₹4.10 in Q4 FY24.
  • For the full financial year FY25, Revenue from operations reached ₹526.59 crore, up from ₹342.42 crore in FY24.
  • Total income for FY25 was ₹533.26 crore, compared to ₹345.22 crore in FY24.
  • Profit before tax for FY25 was ₹66.92 crore, a notable increase from ₹29.82 crore in FY24.
  • Profit for the period (Net Profit) for FY25 was ₹50.16 crore, up from ₹22.17 crore in FY24.
  • Earnings per share (Basic and Diluted) for FY25 was ₹21.86, compared to ₹13.24 in FY24.
• The Board of Directors approved the standalone and consolidated financial results for the quarter and year ended 31 March 2025.
• The audit reports have been issued with unmodified opinions.
• No dividend was recommended by the Board.
• The Board consented to acquire a 51% equity stake in Maccaferri Infrastructure Private Limited (MIPL), an Indian subsidiary of Officine Maccaferri S.p.A., Milan, Italy. The Company will hold 51% voting rights upon signing the Share Purchase Agreement and Shareholders’ Agreement.
• SRM Contractors acquired SRM Serves Foundation, a Section 8 Company, as its wholly-owned subsidiary to carry out CSR activities.
• Appointments approved:
  • M/s D.K Pandoh & Associates appointed as Secretarial Auditors for 5 years, subject to shareholder approval.
  • Mr. Vijay Langoo appointed as Internal Auditor for FY 2025-26.
  • M/s Verma Khushwinder & Co. appointed as Cost Auditors for FY 2025-26.
• The board meeting commenced at 12:30 P.M. and concluded at 2:45 P.M. on 20 May 2025.

SRM Contractors Limited has submitted the Monitoring Agency Report by CARE Ratings Limited for the quarter ended March 31, 2025, detailing the utilization of its Initial Public Offer (IPO) proceeds amounting to ₹130.20 crore.

Key highlights from the report:

• Total IPO proceeds were ₹130.20 crore.
• As of March 31, 2025, the company has utilized a total of ₹88.20 crore from the IPO proceeds.
• During the quarter ended March 31, 2025, ₹13.03 crore was utilized.
• The unutilized amount as of March 31, 2025, stands at ₹42.00 crore.
• Utilization breakdown as of March 31, 2025:
  • Issue related expenses: ₹6.82 crore (fully utilized)
  • Funding capital expenditure for purchase of equipment/machineries: ₹15.35 crore utilized, ₹16.15 crore unutilized
  • Full or part repayment/prepayment of certain outstanding secured borrowings: ₹10.00 crore (fully utilized)
  • Funding Working Capital requirement: ₹46.00 crore (fully utilized)
  • Investment in Joint Venture Project: ₹2.34 crore utilized, ₹9.66 crore unutilized
  • General corporate purposes: ₹7.69 crore utilized, ₹16.19 crore unutilized
• There are no deviations from the objects stated in the Offer Document.
• The unutilized amount of ₹42.00 crore is currently deployed in Fixed Deposit Receipts (FDRs) across various banks including J&K Bank, ICICI Bank, HDFC Bank, and Yes Bank.
• Regarding General Corporate Purposes (GCP), the company strategically decided to utilize ₹7.69 crore out of the allocated ₹23.88 crore. The Board resolved on March 21, 2025, that the unspent amount of ₹16.19 crore allocated to GCP will be spent in the current financial year.

SRM Contractors Limited has issued a press release clarifying the impact of prevailing tensions in the Kashmir region of Jammu and Kashmir on its business operations.

• The company states that as of 28 April 2025, there has been no adverse impact on its business activities, project execution, or commercial engagements within the region.
• This is primarily because the company currently has no ongoing projects in the Kashmir region.
• A majority of SRM Contractors' ongoing projects and 100% of its current tendering activities are being carried out outside the Union Territory of Jammu and Kashmir.
• All operations and site-based activities under the company's purview are continuing in the normal course of business.
• The company maintains risk assessment and mitigation protocols and has not observed any disruption, delay, or force majeure condition attributable to the aforementioned external geopolitical developments.
• This disclosure is made voluntarily in the interest of transparency and good corporate governance.