Atlantaa Q3 FY18 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Management growth scorecard
Revenue
Category 1
Margin
N/A
Fundraise
N/A
Order
Yes
Capex
Yes
3 of 3 growth signals are positive.
Full analysisRevenue guidance
Category 1- Atlanta Limited is targeting a 50% year-on-year growth for the next 5 years (Page 5).
- The company is working to expand its order book to about Rs. 2000 Crores by the next fiscal year (Page 4).
- Focus remains on bidding for EPC and hybrid annuity projects, aiming to add Rs. 5 to Rs. 10 billion value in EPC work every fiscal (Page 3).
- Concentration is on road and highway projects in states like Assam, Gujarat, Maharashtra, UP, and Bihar, with plans for significant presence in upcoming projects including Bharatmala (Pages 4 and 5).
- Real estate projects are ongoing with phased developments expected to complete by 2020-2021, contributing to future growth (Page 3).
See what Atlantaa management said on margin guidance — free account, 30 seconds.
Fundraise plans
- No explicit mention of new fundraising through debt or equity in the provided transcript.
- The company is aggressively pursuing receivables to reduce existing debt and generate growth capital.
- On standalone basis, Atlanta Limited plans to become debt-free by June or September of the next financial year.
- On a group basis, substantial debt reduction is targeted within the next couple of years.
- The strategy involves focusing on EPC and HAM projects, and converting land bank into real estate opportunities for growth capital.
- No direct statements indicating plans for fresh debt or equity raising at the time of this call.
See what Atlantaa management said on order book — free account, 30 seconds.
Capex plans
Yes- Atlanta Limited is actively pursuing EPC and hybrid annuity based project bids, focusing on adding Rs. 5 to Rs. 10 billion worth of EPC work annually.
- The company holds three ongoing real estate projects with a total cost of Rs. 5.9 billion, including Atlanta Enclave (Thane), Olympic Lifestyle (Jodhpur), and Atlanta Heights (Mumbai).
- For future strategy, Atlanta follows a practice of purchasing land for setting up plants and camps during projects, later converting the land into real estate opportunities as economic activities grow.
- The company has its own land bank in Thane and other locations acquired years ago when prices were low, and is exploring similar opportunities in Nagpur.
- No explicit mention of new standalone capital expenditure or strategic investment beyond ongoing project developments and land acquisition strategy was detailed in the call.
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Margin guidance
- Atlanta Limited targets a **50% year-on-year growth for the next 5 years** as stated by Managing Director Rikiin Bbarot.
- The company is focused on expanding its EPC order book from Rs. 344.6 million currently to about Rs. 2000 Crores by the next fiscal year.
- The strategy includes bidding aggressively on EPC and HAM projects, particularly in Gujarat, Maharashtra, Assam, UP, and Bihar.
- Debt-reduction plans aim to make Atlanta debt-free on a standalone basis by June or September of the next financial year, improving financial leverage and profitability.
- With completion and monetization of real estate projects and arbitration claims recovery, the company expects better profit margins going forward.
- Current EPC margin pressures due to execution mix may ease as the order book grows and more arbitration-related high-margin revenues come in.
Order book
Yes- As of December 31, 2017, Atlanta Limited's EPC order book stood at Rs. 3.446 billion (Rs. 3446 million).
- The company is actively working to expand this order book.
- The target is to grow the order book to about Rs. 20 billion (Rs. 2000 Crores) by the next fiscal year.
- Currently, the entire EPC order book pertains to roads and highways; the company is not active in mining at this time.
- Atlanta Limited is prequalified to bid for projects worth over Rs. 14 billion.
- The company focuses on bidding for EPC and hybrid annuity-based projects.
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What Atlantaa's management said in earlier quarters
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