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

Total capex done till 9 months ending FY '23 is INR 66.19 crores. No significant capex expected in the remainder of FY '23. Capex plan for FY '24 is estimated between INR 45 crores and INR 50 crores. The company is trying to shift possible capex to the client's scope of work, particularly in private sector projects. No increase expected in fund-based debt limits; INR 25 crores tie-up pending. Focus on prudent capex to improve asset turnover and return ratios.

Future growth expectations in sales/revenue/volumes?

Capacit'e Infraprojects targets revenue growth of 20%-25% from FY '24 onwards, maintaining this range for the next few years. The company expects order book to remain strong and projects healthy, sustainable growth driven by execution capabilities and government housing sector impetus. For FY '23, revenue guidance was INR 1,800 crores+, expected to be met with robust order inflows and operational projects. The growth is supported by large project pipelines, including data centres, residential and commercial buildings, and government projects like MHADA and RLDA developments. The compan

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

Capacit'e Infraprojects expects revenue growth of 20%-25% annually from FY '24 onwards, based on existing and new orders. PAT for 9 months FY '23 grew by 98% to INR 73 crores, with strong momentum expected to continue. EBITDA margin guidance is around 18%-18.5% for the full year, with recent quarters showing ~20%, indicating potential margin expansion. Depreciation is expected to reduce from INR 30-34 crores per quarter to INR 12-15 crores per quarter after 8 quarters, positively impacting profits. Interest cost is likely to reduce by about INR 12 crores annually post-release of INR 25

Current/ Expected Orderbook/ Pending Orders?

As of December 31, 2022, the standalone order book stood at approximately INR 9,764 crores. Public sector comprises about 67%, while private sector accounts for 33% of the total order book. Recent quarter saw order inflows worth INR 3,313 crores for 9 months ending FY '23. The company is L1 (lowest bidder) for projects worth around INR 800 crores in the public sector, expected to convert in the near term. Additionally, expecting repeat orders totaling about INR 500 crores in the current quarter. Overall order book is about 3.5x to 4x of the projected revenue for the next financial year. Strong

Capacite Infraprojects LtdQ3 FY23Construction

Capacite Infraprojects Ltd Q3 FY23 Earnings Call Analysis

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

Price: ₹152.97P/E: 7.0Market Cap: ₹1.3K CrSector: Construction

Management growth scorecard

Revenue

Category 2

Margin

Category 2

Fundraise

Yes

Order

Yes

Capex

Yes

3 of 5 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Capacit'e Infraprojects targets revenue growth of 20%-25% from FY '24 onwards, maintaining this range for the next few years.
The company expects order book to remain strong and projects healthy, sustainable growth driven by execution capabilities and government housing sector impetus.
For FY '23, revenue guidance was INR 1,800 crores+, expected to be met with robust order inflows and operational projects.
The growth is supported by large project pipelines, including data centres, residential and commercial buildings, and government projects like MHADA and RLDA developments.
The company emphasizes growth in cash PAT and free cash flows alongside revenue to drive financial stability.
Repeat orders from existing clients and new projects in public and private sectors contribute to sustained revenue momentum.

Margin guidance

Category 2

Capacit'e Infraprojects expects revenue growth of 20%-25% annually from FY '24 onwards, based on existing and new orders.
PAT for 9 months FY '23 grew by 98% to INR 73 crores, with strong momentum expected to continue.
EBITDA margin guidance is around 18%-18.5% for the full year, with recent quarters showing ~20%, indicating potential margin expansion.
Depreciation is expected to reduce from INR 30-34 crores per quarter to INR 12-15 crores per quarter after 8 quarters, positively impacting profits.
Interest cost is likely to reduce by about INR 12 crores annually post-release of INR 250 crores retention money, improving net earnings.
Focus is on improving cash PAT and free cash flows rather than just EBITDA growth.
Asset turns are expected to rise to around 6x with controlled capex (~INR 45 crores FY24), supporting better ROE and ROCE.
Order book growth and efficient execution position the company for sustainable profit growth.

See what Capacite Infraprojects Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

- No increase expected in fund-based debt limits for the current financial year; an INR 25 crore tie-up is pending (Page 9). - The company expects to collect INR 250 crores through advances and retention money against submission of bank guarantees, leading to becoming net debt-free with INR 100 crores cash available for operations (Page 9). - Bank guarantee proposal is in final stages with the lead bank (State Bank of India); tie-up expected to complete in the current financial year (Page 5). - No mention of equity fundraising in the call or transcript. - Capex planned for next financial year is INR 45–50 crores, with efforts to push capex to client's scope of work to minimize own funding needs (Page 9). Overall, no current plans for raising new equity; modest debt-related adjustments expected with reduction in high-cost debt and release of retention money.

Order book

Yes

As of December 31, 2022, the standalone order book stood at approximately INR 9,764 crores.
Public sector comprises about 67%, while private sector accounts for 33% of the total order book.
Recent quarter saw order inflows worth INR 3,313 crores for 9 months ending FY '23.
The company is L1 (lowest bidder) for projects worth around INR 800 crores in the public sector, expected to convert in the near term.
Additionally, expecting repeat orders totaling about INR 500 crores in the current quarter.
Overall order book is about 3.5x to 4x of the projected revenue for the next financial year.
Strong pipeline across sectors including residential, commercial, healthcare, institutional, as well as large tenders like data centers and railway station developments.
The company is selective in bidding to maintain EBITDA margins and focuses on projects adding positively to profitability.

See what Capacite Infraprojects Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Total capex done till 9 months ending FY '23 is INR 66.19 crores.
No significant capex expected in the remainder of FY '23.
Capex plan for FY '24 is estimated between INR 45 crores and INR 50 crores.
The company is trying to shift possible capex to the client's scope of work, particularly in private sector projects.
No increase expected in fund-based debt limits; INR 25 crores tie-up pending.
Focus on prudent capex to improve asset turnover and return ratios.

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Capacite Infraprojects Ltd Q3 FY23 Earnings Call Analysis

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