Dilip Buildcon Ltd

- No explicit mention of new fundraising through debt or equity in the current financial year. - The company aims to become net debt-free on a standalone basis by FY25-FY26, focusing on reducing existing debt rather than raising new debt. - Finance cost guidance for FY25 is INR 350 crores, down from INR 500+ crores, reflecting planned debt reduction. - Warrants worth INR 533 crores were issued to Alpha Alternatives, with INR 133 crores received by December 2023; remaining INR 400 crores expected by June 2025. This relates to earlier fundraising, not new. - Divestment in HAM projects to Alpha Alternatives expected to bring INR 508 crores in H1 FY25. - No explicit plans for fresh equity or debt fundraising mentioned in the call transcript.

- **Capex guidance for FY25:** INR 50-70 crores. - Equipment debt currently around INR 170 crores, about 80% of which will be repaid in the financial year. - Net debt expected to reduce by INR 500+ crores in FY25, targeting net debt below INR 1,000 crores by year-end. - Strategic investment focus on: - Asset business expansion in coal MDO and InvIT assets, providing long-term revenue visibility. - Coal business aiming significant production growth (Siarmal coal mine production target 15 million tons next year, 50 million tons/year long-term). - InvIT assets to generate INR 400-500 crores free cash flow annually from dividends and principal repayments. - Alpha Alternatives deal involves warrant money inflow (INR 400 crores expected by June 2025) and divestment of 26% stake in HAM projects to monetize assets. No additional large-scale capex disclosed beyond the above strategic asset investments and EPC business maintenance.

- FY '25 revenue expected to be in the same range as FY '24, even with zero new order inflow, due to current order book execution. - Revenue growth beyond this depends on new order inflows post-election and their timing. - Company targeting order inflow of INR 10,000 to 12,000 crores in FY '25 across sectors (EPC and HAM). - Additional revenue expected from recently won INR 1,000 crores railway contract and other sectors. - Long-term revenue visibility strengthened through coal MDO assets and InvIT assets providing steady cash flow. - EBITA margin guidance for FY '25 at 12%-14%, with capex planned at INR 50-70 crores. - Post-election flurry of orders expected, with significant government focus on infrastructure spending after elections. - Overall growth visibility to improve as order book clarity increases in coming quarters.

- Revenue for FY25 is expected to be in the same range as FY24, with potential growth depending on order inflow post-elections. - FY26 growth guidance is not provided yet; clarity will come as new orders materialize. - EBITDA margins targeted between 12% to 14%. - Profit after tax (PAT) showed a significant rise in FY24 and is expected to sustain growth with improving margins. - Company aims to reduce net debt significantly, targeting net debt free status on a standalone basis by FY25-FY26. - Increased focus on generating free cash flow and enhancing return on equity (ROE) and return on capital employed (ROCE). - CRISIL upgraded outlook to positive; an actual rating upgrade is expected in 12-15 months, which could reduce finance costs and boost profitability. - Long-term revenues expected from InvIT and Coal MDO businesses, supplementing EPC short-term revenue streams.

- As of FY23-24, Dilip Buildcon Limited won orders worth INR 3,602 crores, with 42% in irrigation, 35% in water supply, 15% in roads, and 8% in urban development. - Total orders floated by NHAI and MORTH level alone exceed INR 1,20,000 crores, currently stalled due to election code of conduct. - Post-election, a significant flurry of new orders is expected across ministries. - For FY24-25, the company targets an order inflow of INR 10,000 to 12,000 crores across sectors, encompassing a mix of EPC and HAM projects. - Even with zero new inflow, revenue from the current order book is expected to be similar to FY23-24 levels, indicating a healthy backlog. - The company is diversifying sectors to mitigate concentration risk, ensuring steady order pipeline visibility.