Ahluwalia Contracts (India) Ltd

- 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.

- 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.

- 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.

- 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.

- 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)