DCM Shriram Ltd

- Total CAPEX program is Rs. 3,500 crore, with about Rs. 600 crore already commissioned (Rs. 530 crore in sugar, Rs. 60-70 crore in chemicals). - Remaining Rs. 2,900 crore largely in chemicals to be commissioned over next two quarters (by end of Q2 FY24). - 120 MW power plant project costing Rs. 500-550 crore expected to be commissioned by Q1 end FY24, providing annual savings of Rs. 100-125 crore. - Rs. 530 crore sugar CAPEX already capitalized with expected ~20% return. - Facilities and expansions in Fenesta (Bhuvneshwar, Hyderabad, Kota) ongoing to meet rising demand. - New product lines and manufacturing expansions in Shriram Farm Solutions, including crop protection chemicals, water-soluble fertilizers, and biologicals, with manufacturing starting in FY24 Q4. - Sustainability-related CAPEX includes green power projects like 50 MW Hybrid Green Power and biomass usage increase. - Focus on circular economy, energy efficiency, and waste reduction ongoing through projects like K2SO4 Fertilizer and sodium sulfate production.

- Bioseed business: Expected to grow in FY24 at least at the same rate as FY23, driven by market-accepted products and a robust pipeline across all key crops (cotton, corn, paddy, vegetables). Long-term growth positive but dependent on competitive landscape yearly. (Pages 16-17) - Ethanol production capacity expanding from 14 crore liters to 18 crore liters in the coming year, indicating higher sales volumes. (Pages 5, 10, 14) - Fenesta Building Systems: Strong order book growth (~10-23%) and volume increases in projects and retail, indicating sustained revenue growth. (Pages 6-7) - Chemicals business: Moderate global demand but domestic capacity utilization stable (~89%). Prices soft but no major global capacity additions foreseen, supporting balanced medium-term growth. (Page 3) - Sugar business: Revenues up 21-24% due to higher volumes and better prices; crushing expected at ~650 lakh quintals compared to 549 last season. (Pages 6-7) - Fertilizer: Volume growth (+4% YoY) expected; revenue down slightly due to gas price pass-through but overall PBDIT growing (44%). (Page 7) - Overall company: Focus on scale, product diversification, efficiency, and new product lines to drive growth. (Pages 3, 5, 16-17)

- Bioseed business is expected to grow in FY24 at similar or better rates than FY23 due to accepted products and a strong pipeline across crops like cotton, corn, paddy, and vegetables. Long-term growth over the next 3-4 years is anticipated but subject to market competition. - Chemicals segment margins are expected to improve gradually with declining input costs and completion of capacity expansions by Q2 FY24, though price volatility in epoxy and ECH may impact near-term spreads. - Fertilizer segment sees improved energy efficiencies and subsidy reductions aiding profitability despite price corrections. - Fenesta building systems anticipate good growth driven by project segment volume increase and expanded product offerings. - Overall company strategy focuses on growing economies of scale, new product lines, efficiency, innovation, circular economy, and sustainability to deliver better earnings and growth. - Return on capital employed for FY23 was strong at 27%, with committed efforts to maintain a solid financial position and explore new growth avenues.

- Fenesta Building Systems' order book grew by 10% year-on-year. - The project and retail categories both witnessed improvements in the order book. - The demand scenario for Fenesta is stable, although competition is increasing. - The company is expanding its core business, adding new categories and increasing geographic reach, including internationally. - New products such as glass façades, UPVC and aluminum windows, WPC, and engineered wood doors are being launched. - Two new factories commissioned (Bhuvneshwar and Hyderabad), with expansion underway at Kota. - Overall, the order book reflects good momentum quarter-on-quarter, driven by project segment growth.

- The company has ongoing CAPEX plans with a remaining Rs. 1,500 crore to be spent in FY24. - Peak net debt by March is expected to be in the range of Rs. 1,500 to Rs. 1,900 crore. - No specific mention of new fundraising through equity or fresh debt in the disclosed content. - Existing debt levels are comfortable with net debt at Rs. 681 crore as of 31st March 2023. - Management is focusing on maintaining a strong financial position and exploring new avenues for growth, but no explicit plans for fundraising were detailed.