Any current/future new fundraising through debt or equity?

Equity Infusion: The company plans an equity infusion of ₹169 crore in HAM projects, with ₹107 crore expected in FY2024 and the balance ₹56 crore in FY2025. (Page 14) Debt Levels: Standalone debt increased from ₹488 crore in FY2022 to ₹990 crore due to larger execution and order book. Net debt is expected to reduce post asset monetization. (Pages 14-15, 19) Debt Post Monetization: After asset monetization by March 2024, remaining consolidated debt is expected around ₹500 to ₹600 crore. (Page 19) Fund and Non-Fund Based Limits: Total limits around ₹5,800 crore with 60-70% utilization for

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

Total capex done in the quarter was around Rs. 47 Crores. The company expects to do approximately Rs. 100 Crores of capex by the end of FY2024. Equity infusion planned: Rs. 169 Crores to be deployed in HAM projects, of which Rs. 107 Crores will be done in FY2023-24 and the balance Rs. 56 Crores in FY2024-25. No mention of new country exploration currently; focus remains on existing countries like Bangladesh and Maldives for opportunities. Land monetization is ongoing as a slow process through joint development agreements, with plans to monetize other land assets as opportunities arise.

Future growth expectations in sales/revenue/volumes?

FY2024 revenue growth guidance is around 15%, revised down from an earlier 20-25% due to delayed project starts and order inflow in Q1. Topline growth is expected to accelerate in Q3 and Q4 as new projects (including international ones like Bangladesh and Maldives) fully mobilize. Order inflow expectation for FY2024 is reduced to ₹5,000-7,000 Crores from earlier ₹6,000-8,000 Crores. Margin improvement expected with normalized EBITDA margins of 8-8.5% over the next few quarters, rising to double digits (10-11%) by FY2025. Medium term order visibility exists in the distribution sector (e

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

EBITDA margins are expected to improve from 8-8.5% in the near term (next 2-3 quarters) to around 10-10.5% by FY2024-25. Margins on new bids post-2022 are healthier, in the range of 10-11%. Revenue growth guidance for FY2024 is around 15%. Order inflow guidance has been revised down from Rs.6-8,000 Crores to Rs.5-7,000 Crores due to subdued bidding activity. FY2025 and onwards is expected to see double-digit margins consistent with improved execution and pricing environment. Profit after tax reported for Q1 FY2024 was Rs.16 Crores standalone; management expects gradual improvement as

Current/ Expected Orderbook/ Pending Orders?

As of June 30, 2023, Ashoka Buildcon's order book stands at INR 16,920 Crores. Breakdown: Roads and Railway projects constitute approximately INR 8,669 Crores (51%); EPC building segment at INR 2,179 Crores (13%); Power, DND, and others make up around INR 6,060 Crores (36%), including the MSEDCL project. The company expects order inflows of around INR 5,000 to 7,000 Crores for the fiscal year, revised down from an earlier guidance of 6,000 to 8,000 Crores due to delayed awarding activities. Majority of the new orders (approx. INR 25,000 Crores mentioned as pipeline) are highway projects. Upcom

Ashoka Buildcon LtdQ1 FY24Construction

Ashoka Buildcon Ltd Q1 FY24 Earnings Call Analysis

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

Price: ₹96.39P/E: 4.0Market Cap: ₹2.7K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 1

Fundraise

Yes

Order

N/A

Capex

Yes

3 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

FY2024 revenue growth guidance is around 15%, revised down from an earlier 20-25% due to delayed project starts and order inflow in Q1.
Topline growth is expected to accelerate in Q3 and Q4 as new projects (including international ones like Bangladesh and Maldives) fully mobilize.
Order inflow expectation for FY2024 is reduced to ₹5,000-7,000 Crores from earlier ₹6,000-8,000 Crores.
Margin improvement expected with normalized EBITDA margins of 8-8.5% over the next few quarters, rising to double digits (10-11%) by FY2025.
Medium term order visibility exists in the distribution sector (e.g., Maharashtra RDSS scheme).
The company anticipates a pick-up in highways/orders from NHAI and MORTH totaling around 7,000-7,500 km to be awarded in coming months.
International expansion focused on existing countries (Bangladesh, Maldives), no new country exploration as of now.

Margin guidance

Category 1

EBITDA margins are expected to improve from 8-8.5% in the near term (next 2-3 quarters) to around 10-10.5% by FY2024-25.
Margins on new bids post-2022 are healthier, in the range of 10-11%.
Revenue growth guidance for FY2024 is around 15%.
Order inflow guidance has been revised down from Rs.6-8,000 Crores to Rs.5-7,000 Crores due to subdued bidding activity.
FY2025 and onwards is expected to see double-digit margins consistent with improved execution and pricing environment.
Profit after tax reported for Q1 FY2024 was Rs.16 Crores standalone; management expects gradual improvement as new projects mobilize fully by Q3/Q4.
Normalized EBITDA margins going forward are expected at 8-8.5%, improving to over 10% by 2024-25.
Execution ramp-up in international projects (Bangladesh, Maldives) and domestic order book expected to drive growth.

See what Ashoka Buildcon Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Equity Infusion: The company plans an equity infusion of ₹169 crore in HAM projects, with ₹107 crore expected in FY2024 and the balance ₹56 crore in FY2025. (Page 14)
Debt Levels: Standalone debt increased from ₹488 crore in FY2022 to ₹990 crore due to larger execution and order book. Net debt is expected to reduce post asset monetization. (Pages 14-15, 19)
Debt Post Monetization: After asset monetization by March 2024, remaining consolidated debt is expected around ₹500 to ₹600 crore. (Page 19)
Fund and Non-Fund Based Limits: Total limits around ₹5,800 crore with 60-70% utilization for fund-based and 70-75% for non-fund-based. (Page 15)
Asset Monetization proceeds will be used primarily to exit SBI Macquarie investors and reduce debt. (Pages 10, 14, 19)
No explicit mention of fresh new debt raising; focus is on reducing existing debt via monetization and controlled equity infusion.

Order book

As of June 30, 2023, Ashoka Buildcon's order book stands at INR 16,920 Crores.
Breakdown: Roads and Railway projects constitute approximately INR 8,669 Crores (51%); EPC building segment at INR 2,179 Crores (13%); Power, DND, and others make up around INR 6,060 Crores (36%), including the MSEDCL project.
The company expects order inflows of around INR 5,000 to 7,000 Crores for the fiscal year, revised down from an earlier guidance of 6,000 to 8,000 Crores due to delayed awarding activities.
Majority of the new orders (approx. INR 25,000 Crores mentioned as pipeline) are highway projects.
Upcoming orders from NHAI and MORTH for about 7,000-7,500 kilometers expected to be awarded by February 2024.
The reduced topline growth guidance is approximately 15% for the current year considering the delay in project commencements and order inflows.

See what Ashoka Buildcon Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Total capex done in the quarter was around Rs. 47 Crores.
The company expects to do approximately Rs. 100 Crores of capex by the end of FY2024.
Equity infusion planned: Rs. 169 Crores to be deployed in HAM projects, of which Rs. 107 Crores will be done in FY2023-24 and the balance Rs. 56 Crores in FY2024-25.
No mention of new country exploration currently; focus remains on existing countries like Bangladesh and Maldives for opportunities.
Land monetization is ongoing as a slow process through joint development agreements, with plans to monetize other land assets as opportunities arise.

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