Current/ Expected Orderbook/ Pending Orders?

Current order book stands at approximately ₹12,500 crores. The order book backlog is strong at ₹12,400+ crores with a book-to-bill ratio of 3x. Major focus on the Delhi-Saharanpur elevated expressway project (~₹1,300 crores) and new water projects. Purvanchal Expressway project is near completion. Jal Jeevan surface water project (phase 1) valued around ₹800 crores is progressing as per schedule. Phase 2 of Jal Jeevan projects involves DPRs for about 1,400 villages; contracts expected to start soon. Bidding for irrigation projects, including recent bids in Karnataka, though the bidding pipelin

Any current/future new fundraising through debt or equity?

Gayatri Projects Limited has signed a definitive agreement with Interups USA for a preferential allotment of 75 million equity shares valued at Rs. 337 crores, subject to shareholder approval at the upcoming AGM. The equity infusion aims to partially pay down long-term debt and transition the company’s accounts from default to regular status. The funds from this equity issuance are expected to be received within a week or so after the AGM, around early September 2021. There is mention of possible further investment from this strategic investor, but the board has yet to decide and discussions a

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

Gayatri Projects Limited has signed a definitive agreement with Interups USA for a strategic investment. The initial investment amounts to Rs. 337 crores via preferential allotment of 75 million equity shares. There is mention of a possible follow-on investment after this initial amount, with discussions ongoing; no final decision made yet. The strategic investor aims to maintain a promoter stake of 51-49% and needs to conduct due diligence for the second phase of investment. Additional investments could be used partly to repay long-term debt and partly for working capital to speed up existing

Future growth expectations in sales/revenue/volumes?

FY22 revenue growth guidance is conservative at 0% to 5%, considering Q1 impacted by COVID and Q2 expected to be weak due to monsoon. Management expects FY23 to be strong with around 15% revenue growth as all projects in the order book are in full swing. The existing order book, valued at approximately ₹12,500 crores, is expected to be completed in the next 2 to 2.5 years, supporting revenue growth. New project focus includes the Delhi-Saharanpur elevated expressway and water projects under the Jal Jeevan mission. Execution ramp-up post-COVID disruptions and normalization of commodity prices a

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

FY21 top line was about ₹3,900 crores. FY22 revenue growth guidance is between 0% to 5%, conservatively due to COVID-19 impacts. Q2 is expected to be seasonally weak with flattish or marginal revenue growth. FY23 outlook is positive with expected growth around 15%, driven by full execution of existing order book. Present order book is strong at ₹12,500 crores with a book-to-bill ratio of 3x. Project execution is ramping up, including large projects like Delhi-Saharanpur elevated expressway and Jal Jeevan water projects. EBITDA margins under pressure due to high commodity prices but expected to

Gayatri Projects LtdQ1 FY22Construction

Gayatri Projects Ltd Q1 FY22 Earnings Call Analysis

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

Price: ₹22.4P/E: 8.5Market Cap: ₹1.1K CrSector: Construction

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

N/A

Capex

N/A

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 3

FY22 revenue growth guidance is conservative at 0% to 5%, considering Q1 impacted by COVID and Q2 expected to be weak due to monsoon.
Management expects FY23 to be strong with around 15% revenue growth as all projects in the order book are in full swing.
The existing order book, valued at approximately ₹12,500 crores, is expected to be completed in the next 2 to 2.5 years, supporting revenue growth.
New project focus includes the Delhi-Saharanpur elevated expressway and water projects under the Jal Jeevan mission.
Execution ramp-up post-COVID disruptions and normalization of commodity prices are anticipated to aid higher turnover.
Order book has a strong book-to-bill ratio of about 3x, indicating steady future project inflow and revenue visibility.

Margin guidance

Category 3

FY21 top line was about ₹3,900 crores.
FY22 revenue growth guidance is between 0% to 5%, conservatively due to COVID-19 impacts.
Q2 is expected to be seasonally weak with flattish or marginal revenue growth.
FY23 outlook is positive with expected growth around 15%, driven by full execution of existing order book.
Present order book is strong at ₹12,500 crores with a book-to-bill ratio of 3x.
Project execution is ramping up, including large projects like Delhi-Saharanpur elevated expressway and Jal Jeevan water projects.
EBITDA margins under pressure due to high commodity prices but expected to normalize as escalation formulas catch up.
PAT improved in Q1 FY22 to ₹23 crores from a loss of ₹12 crores in Q1 FY21.
Equity infusion of ₹337 crores expected to reduce debt and improve financial health, supporting future profitability.

See what Gayatri Projects Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

Gayatri Projects Limited has signed a definitive agreement with Interups USA for a preferential allotment of 75 million equity shares valued at Rs. 337 crores, subject to shareholder approval at the upcoming AGM.
The equity infusion aims to partially pay down long-term debt and transition the company’s accounts from default to regular status.
The funds from this equity issuance are expected to be received within a week or so after the AGM, around early September 2021.
There is mention of possible further investment from this strategic investor, but the board has yet to decide and discussions are ongoing.
Currently, the company is not talking to any banks for restructuring despite being at default since the new equity and receivables are expected to bring the company current within a quarter.
No explicit mention of new debt fundraising plans at present.

Order book

Current order book stands at approximately ₹12,500 crores.
The order book backlog is strong at ₹12,400+ crores with a book-to-bill ratio of 3x.
Major focus on the Delhi-Saharanpur elevated expressway project (~₹1,300 crores) and new water projects.
Purvanchal Expressway project is near completion.
Jal Jeevan surface water project (phase 1) valued around ₹800 crores is progressing as per schedule.
Phase 2 of Jal Jeevan projects involves DPRs for about 1,400 villages; contracts expected to start soon.
Bidding for irrigation projects, including recent bids in Karnataka, though the bidding pipeline is currently not very active.
Enough bank guarantees available for new order inflows worth ₹3,000-5,000 crores annually.

See what Gayatri Projects Ltd management said on order book — free account, 30 seconds.

Capex plans

Gayatri Projects Limited has signed a definitive agreement with Interups USA for a strategic investment.
The initial investment amounts to Rs. 337 crores via preferential allotment of 75 million equity shares.
There is mention of a possible follow-on investment after this initial amount, with discussions ongoing; no final decision made yet.
The strategic investor aims to maintain a promoter stake of 51-49% and needs to conduct due diligence for the second phase of investment.
Additional investments could be used partly to repay long-term debt and partly for working capital to speed up existing projects.
No other specific capex or capital investment plans were detailed in this call.
The company expects the funds from this strategic investment shortly after shareholder approval in their upcoming EGM on August 28, 2021.

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Gayatri Projects Ltd Q1 FY22 Earnings Call Analysis

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