Any current/future new fundraising through debt or equity?

No explicit mention of any current or planned fundraising through new debt or equity during the call. Gross debt reported around Rs. 42 crores, which is relatively low. The company expects to fund any election-related payment slowdowns through internal accruals and internal funding. CAPEX guidance indicates stable spending (~Rs. 120 crores expected), with no increase anticipated in FY25. Cash balance stands healthy at Rs. 236 crores cash and Rs. 350 crores in bank. Overall, no indication from management about raising new debt or equity funds in the near term based on this discussion.

Any current/future capex/capital investment/strategic investment?

Capex incurred in the current quarter is around Rs. 31 crore; total for nine months is Rs. 86 crore. Expected capex for the full financial year 2024 (FY24) is Rs. 120 crore. For FY25, the capex run rate is expected to be similar to FY24 and not increase. The company is focusing on organic growth around its core competence of buildings and factories. Bidding for some urban infrastructure projects like airports and metro projects, as well as STP civil works, indicating strategic growth within core expertise. No mention of major acquisitions or diversification into new verticals beyond the core b

Future growth expectations in sales/revenue/volumes?

For FY24, the company has achieved a turnover of Rs. 2691.64 crores with a 38.11% growth in 3QFY24 compared to last year. Revenue for Q4 FY24 is targeted at about Rs. 1100 crores, implying approximately 8-10% quarter-on-quarter growth. Net order book stands at Rs. 11,246.83 crores to be executed over the next 2 to 2.5 years. Total order inflow for FY24 till date is Rs. 5833.86 crores, with an L1 position in projects totaling Rs. 3229.87 crores. For FY25, the target order inflow guidance is about Rs. 5000 crores, expected to materialize mostly in the second half. Long term growth expectations a

Future growth expectations in earnings/operating earnings/profits/EPS?

The company reported strong financials in 3QFY24 with a 38.11% growth in turnover and 57.02% growth in PAT YoY. EBITDA margin improved to 10.90% in 3QFY24 from 9.61% earlier; PAT margin increased to 6.88% from 6.05%. For nine months FY24, turnover grew to Rs. 2691.64 crore and PAT to Rs. 175.69 crore, reflecting healthy profitability. EPS for nine months FY24 stood at Rs. 26.33, up from Rs. 18.20 in the previous year. Company expects revenue growth to be about 20% for FY25, slightly impacted by elections. EBITDA margins are likely to rise above 11% in FY25, continuing margin improvement seen i

Current/ Expected Orderbook/ Pending Orders?

Current net order book: Rs. 11,246.83 crores to be executed over the next 2 to 2.5 years. (Page 4) Gross order book: Rs. 18,647 crores. (Page 6) Order inflow during FY24 till date: Rs. 5,833.86 crores. (Page 4) L1 projects: Rs. 3,229.87 crores, including a Gems & Jewellery Park (Rs. 2,840 crores) and a sports complex in Assam. (Pages 4-5) Additional expected orders this financial year: Rs. 200-300 crores through extensions and private negotiations. (Page 4) Targeted order inflow for FY25: Around Rs. 5,000 crores, expecting a slowdown due to elections. (Page 4) Bid projects pending award includ

Ahluwalia Contracts (India) LtdQ4 FY24

Ahluwalia Contracts (India) Ltd Q4 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹837P/E: 21.1Market Cap: ₹5.6K Cr

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

→For FY24, the company has achieved a turnover of Rs. 2691.64 crores with a 38.11% growth in 3QFY24 compared to last year.
→Revenue for Q4 FY24 is targeted at about Rs. 1100 crores, implying approximately 8-10% quarter-on-quarter growth.
→Net order book stands at Rs. 11,246.83 crores to be executed over the next 2 to 2.5 years.
→Total order inflow for FY24 till date is Rs. 5833.86 crores, with an L1 position in projects totaling Rs. 3229.87 crores.
→For FY25, the target order inflow guidance is about Rs. 5000 crores, expected to materialize mostly in the second half.
→Long term growth expectations are moderate (~20% revenue growth) considering the election year impact.
→The company is focusing on increasing private sector orders from current 30% to around 50%, driven primarily by residential and commercial projects.

Margin guidance

Category 2

→The company reported strong financials in 3QFY24 with a 38.11% growth in turnover and 57.02% growth in PAT YoY.
→EBITDA margin improved to 10.90% in 3QFY24 from 9.61% earlier; PAT margin increased to 6.88% from 6.05%.
→For nine months FY24, turnover grew to Rs. 2691.64 crore and PAT to Rs. 175.69 crore, reflecting healthy profitability.
→EPS for nine months FY24 stood at Rs. 26.33, up from Rs. 18.20 in the previous year.
→Company expects revenue growth to be about 20% for FY25, slightly impacted by elections.
→EBITDA margins are likely to rise above 11% in FY25, continuing margin improvement seen in Q3FY24.
→Execution momentum to pick up notably in key projects like CST in FY25-26, supporting earnings growth.

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Fundraise plans

→No explicit mention of any current or planned fundraising through new debt or equity during the call.
→Gross debt reported around Rs. 42 crores, which is relatively low.
→The company expects to fund any election-related payment slowdowns through internal accruals and internal funding.
→CAPEX guidance indicates stable spending (~Rs. 120 crores expected), with no increase anticipated in FY25.
→Cash balance stands healthy at Rs. 236 crores cash and Rs. 350 crores in bank.
→Overall, no indication from management about raising new debt or equity funds in the near term based on this discussion.

Order book

Yes

→Current net order book: Rs. 11,246.83 crores to be executed over the next 2 to 2.5 years. (Page 4)
→Gross order book: Rs. 18,647 crores. (Page 6)
→Order inflow during FY24 till date: Rs. 5,833.86 crores. (Page 4)
→L1 projects: Rs. 3,229.87 crores, including a Gems & Jewellery Park (Rs. 2,840 crores) and a sports complex in Assam. (Pages 4-5)
→Additional expected orders this financial year: Rs. 200-300 crores through extensions and private negotiations. (Page 4)
→Targeted order inflow for FY25: Around Rs. 5,000 crores, expecting a slowdown due to elections. (Page 4)
→Bid projects pending award include Varanasi Airport, Darbhanga Airport (aggregate ~Rs. 2,000 crores), and Assam PWD projects (~Rs. 300-500 crores). (Page 14)
→Private sector share of the order book: Currently 30%, targeted to increase to ~50%. (Pages 6, 15-16)

Capex plans

Yes

→Capex incurred in the current quarter is around Rs. 31 crore; total for nine months is Rs. 86 crore.
→Expected capex for the full financial year 2024 (FY24) is Rs. 120 crore.
→For FY25, the capex run rate is expected to be similar to FY24 and not increase.
→The company is focusing on organic growth around its core competence of buildings and factories.
→Bidding for some urban infrastructure projects like airports and metro projects, as well as STP civil works, indicating strategic growth within core expertise.
→No mention of major acquisitions or diversification into new verticals beyond the core building and factory sectors.

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