Ganesh Benzoplast Ltd

- The LPG segment capex has increased to INR 850-900 crores from the initial INR 700-750 crores range. - The project funding is secured through a mix of equity and debt; exact debt-equity breakup will be finalized within a month. - No debt will be assumed on Ganesh Benzoplast Limited's (GBL) books; debt will be raised by the JV company involving GBL's subsidiary, BW, and CPIL. - The management is currently finalizing term sheets from several banks for the debt portion. - No specific internal limit on external debt has been disclosed yet. Overall, the company is raising external debt through the JV for the LPG project while ensuring GBL itself remains debt-free. Equity funding is ongoing and mostly infused already for the project.

- Revised LPG project capex increased from INR700-750 crores to about INR850-900 crores due to design change to concrete steel tanks for safety and better operational efficiency. - Construction of LPG tanks has started; fire tanks, pump house completed, piling test starting soon; expected 2-year timeline for completion. - Additional tank approvals at JNPT secured; expansion on existing land parcel in progress. - Exploring new terminal locations within India, details to be disclosed upon final agreements. - No current plans for increasing chemical division capacity; focus on boosting capacity utilization from 70-75% to 85-90%. - No company-level debt for LPG project; debt to be taken on JV books involving GBL subsidiaries. - EPC capabilities are primarily used internally; no broad external EPC business expansion planned. - Tank height increases for capacity expansion considered but limited due to operational constraints (4-5 months downtime).

- The company expects steady growth of around 5% to 7% in rental business revenue over the next couple of quarters. - Major growth drivers will be the LPG segment expansion and increased chemical plant capacity utilization rather than rental business alone. - Chemical division aims to increase capacity utilization from current 70-75% to 85-90% within 6 to 8 months; no immediate capex expansion planned there. - New tanks are being added at JNPT and approvals for expansion are in process; further geographical expansion within India is being explored but no definitive agreements yet. - LPG project capex has increased, but timelines remain unchanged with full operationalization expected around October 2026. - Rail logistics segment growth is currently limited, with plans mainly focused on optimizing existing assets and adding customers gradually.

- Ganesh Benzoplast expects steady growth in earnings and EBITDA with a target EBITDA of around INR110-105 crores for the current year, slightly lower than previously anticipated INR120 crores (Page 4). - Growth rate is projected at 5-7% annually for the rental business, with major earnings jump expected from new LPG capacity additions and increased chemical plant utilization (Page 4). - The chemical division aims to improve margins by increasing capacity utilization from current 70-75% to 85-90% without immediate capex (Page 4). - LPG project capex revised higher (~INR850-900 crores) with completion expected in about 2 years; no debt assumed on parent books, JV will hold it (Page 6). - Rail logistics business currently stable with EBITDA of INR8-9 crores; growth expected with additional customers but currently limited (Page 5). - Overall, sustained EBITDA margins are expected in rental segment (~48-50%), with chemical margins improving based on operational efficiency and raw material costs (Pages 12-13, 7).

- The revised LPG project approvals are mostly in place, with the main Peso approval obtained, allowing construction to start. - Other approvals are still in process and expected shortly. - Construction for the LPG tanks is planned to start soon, with test piling expected to begin within 7 to 10 days from early November 2024. - The project timeline for completion is approximately 2 years from the start of construction, targeting October-November 2026. - Additionally, Ganesh Benzoplast has received approval to add a few more tanks at JNPT on existing land, with details to be shared later. - The company is also exploring growth opportunities in other geographies within India but will disclose only after signing definitive agreements. - Capacity enhancement via increasing tank heights is considered but limited due to operational challenges like tank downtime during modification.