Afcons Infrastructure IPO Review & Recommendations

Afcons Infrastructure IPO Peer Comparison

Afcons Infrastructure Limited peer comparison with similar listed entities. (As on March 31, 2023)

Notes for Listed Peers:

• All the financial information for listed industry peers mentioned above is on a consolidated basis (unless otherwise available onlyon a standalone basis) and is sourced from the annual reports/ financial results as available of the respective company for the year ended March 31, 2023
• P/E has been computed based on the closing market price as of March 22, 2024, divided by diluted EPS for the year ended March 31, 2023.
• EV/ EBIDTA is computed as market capitalisation of peers on March 22, 2024 plus the net debt of respective peers as on March 31, 2023, divided by the EBIDTA for FY2023. Net Debt does not include impact of gross proceeds of the Offer.
• Weighted average = Aggregate of year-wise weighted EPS divided by the aggregate of weights, i.e. (EPS x Weight) for each year/Total of weights.
• Basic EPS (?) refers to the basic EPS sourced from the financial statements of the respective peer group companies for the Financial Year ended March 31, 2023.
• Diluted EPS (?) refers to the diluted EPS sourced from the financial statements of the respective peer group companies for the Financial Year ended March 31, 2023.
• The weighted average number of equity shares is the number of equity shares outstanding at the beginning of the year, adjusted by the number of equity shares issued during the year and multiplied by the time weighting factor. The time weighting factor is the number of days for which the specific shares are outstanding as a proportion of the total number of days during the year.
• Weighted average = Aggregate of year-wise weighted RoNW divided by the aggregate of weights i.e. (RoNW x Weight) for each year/Total of weights
• Return on Net Worth (%) is computed as consolidated profit after tax for the year as a percentage of the closing Net Worth of the Financial Year ended March 31, 2023