Any current/future new fundraising through debt or equity?

Capacit'e Infraprojects Limited has an enabling resolution for raising up to INR 200 crores via Qualified Institutional Placement (QIP), with the actual amount to be raised (INR 150-175 crores) still undecided. The company may or may not raise the entire INR 200 crores; the final decision is pending and will be updated in due course. If bank guarantees are finalized, the requirement for QIP will be lower. The company has tied up INR 150 crores in non-fund-based limits and expects to tie up an additional INR 250 crores by Q2 of the current financial year to cover bank guarantee requirements. Th

Future growth expectations in sales/revenue/volumes?

Capacit'e Infraprojects targets revenue growth of 18% to 20% year-on-year for the next two financial years (FY24 and FY25) based on a base of INR1,791 crores in FY23. For FY24, the revenue guidance is INR1,800 crores on a consolidated basis, with possibilities to exceed this depending on project execution. The company aims to book fresh order inflows of about INR2,100-2,200 crores in FY24 to support the growth, aligning order intake closely with revenue targets. Growth is driven by execution of 14-15 top projects contributing 92% of topline. Order backlog stands at around INR9,500 cror

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

Company expects sustainable current profitability with potential improvement over next 2-3 years at EBIT level. Revenue growth guidance: 18-20% year-on-year for FY24 and subsequently FY25. EBIT margin for FY23 was 12.4%, considered sustainable; opportunities exist for improvement. EBITDA margin expected around 20%, current EBITDA margin at 20% for FY23. PAT margin improved to 5.2% in FY23 from 3.6% in FY22. Growth driven by strong order book and execution capability. Cash flow improvements and working capital reduction targeted to support growth. QIB fundraising (up to INR 200 crores) is an op

Current/ Expected Orderbook/ Pending Orders?

The current standalone order book as of March 31, 2023, stands at INR 9,513 crores. The composition of the order book is approximately 70% public sector and 30% private sector. For FY23, the total order inflow excluding GST was INR 3,462 crores, with an almost equal split between private (50%) and public (50%) sectors. For FY24, the company targets fresh order inflow of around INR 2,100 - 2,200 crores, aligned with an 18-20% revenue growth target. The company plans to focus on repeat orders from existing private sector clients like DLF and Adani, without adding new private clients in F

Capacit'e Infra.Q4 FY23Construction

Capacit'e Infra. Q4 FY23 Earnings Call Analysis

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

Price: ₹180P/E: 8.7Market Cap: ₹1.6K CrSector: Construction

Management growth scorecard

Revenue

Category 2

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

N/A

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 2

Capacit'e Infraprojects targets revenue growth of 18% to 20% year-on-year for the next two financial years (FY24 and FY25) based on a base of INR1,791 crores in FY23.
For FY24, the revenue guidance is INR1,800 crores on a consolidated basis, with possibilities to exceed this depending on project execution.
The company aims to book fresh order inflows of about INR2,100-2,200 crores in FY24 to support the growth, aligning order intake closely with revenue targets.
Growth is driven by execution of 14-15 top projects contributing 92% of topline.
Order backlog stands at around INR9,500 crores, with 70% from the public sector, providing visibility for sustained growth.
Additional scope in projects like MHADA (INR200 crores extra building) also supports higher revenue.
Operational efficiencies and better cash flow management are expected to sustain and possibly improve growth momentum.

Margin guidance

Category 3

Company expects sustainable current profitability with potential improvement over next 2-3 years at EBIT level.
Revenue growth guidance: 18-20% year-on-year for FY24 and subsequently FY25.
EBIT margin for FY23 was 12.4%, considered sustainable; opportunities exist for improvement.
EBITDA margin expected around 20%, current EBITDA margin at 20% for FY23.
PAT margin improved to 5.2% in FY23 from 3.6% in FY22.
Growth driven by strong order book and execution capability.
Cash flow improvements and working capital reduction targeted to support growth.
QIB fundraising (up to INR 200 crores) is an option to ensure no impediment to growth.
EPS expected to grow alongside profitability due to improved revenues and margins.

See what Capacit'e Infra. management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Capacit'e Infraprojects Limited has an enabling resolution for raising up to INR 200 crores via Qualified Institutional Placement (QIP), with the actual amount to be raised (INR 150-175 crores) still undecided.
The company may or may not raise the entire INR 200 crores; the final decision is pending and will be updated in due course.
If bank guarantees are finalized, the requirement for QIP will be lower.
The company has tied up INR 150 crores in non-fund-based limits and expects to tie up an additional INR 250 crores by Q2 of the current financial year to cover bank guarantee requirements.
These options (QIP, bank guarantees) are kept open as Plan B to ensure that growth is not compromised.
No definite timeline or confirmation was given regarding the completion of the fundraising.

Order book

Yes

The current standalone order book as of March 31, 2023, stands at INR 9,513 crores.
The composition of the order book is approximately 70% public sector and 30% private sector.
For FY23, the total order inflow excluding GST was INR 3,462 crores, with an almost equal split between private (50%) and public (50%) sectors.
For FY24, the company targets fresh order inflow of around INR 2,100 - 2,200 crores, aligned with an 18-20% revenue growth target.
The company plans to focus on repeat orders from existing private sector clients like DLF and Adani, without adding new private clients in FY24.
The government bid pipeline is described as very strong, particularly in housing and medical sectors, offering selective opportunities based on margin considerations.

See what Capacit'e Infra. management said on order book — free account, 30 seconds.

Capex plans

Based on the transcript on page 17 and surrounding pages, here are key points related to Capacit'e Infraprojects Limited's current/future capex or strategic investments: - The company is considering raising up to INR 200 crores through enabling resolutions as a Plan B to support growth, though the exact amount and timing are uncertain. - Additional bank guarantees tied-up (INR 150 crores tied-up, expecting another INR 250 crores by Q2 FY24) to meet funding requirements and support operations. - No explicit mention of major new capex projects, but focus is on ensuring financial flexibility to avoid impediments in scaling projects. - Mention of additional scopes in projects (e.g., MHADA project increased scope worth INR 200 crores) which may require capital allocation. - Emphasis on cash flow improvements, working capital reduction, and strategic flexibility to maintain growth without compromising operations. No clear large scale capex or strategic investments announced beyond the funding and project scope expansions.

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