Gayatri Projects Ltd

- No explicit mention of new fundraising through debt or equity in the transcript. - Focus is on deleveraging the balance sheet by monetizing arbitration claims and power assets. - Current efforts are on reducing non-core debt through asset monetization rather than raising fresh debt. - Improvement in credit rating from BB- to BB+ targeted, with hopes to reach BBB in next 6 months by reducing debt-equity below 1x. - Borrowing cost expected to reduce modestly (from 13-14% to around 11-12%) after rating improvement. - No direct references to equity fundraising or new debt issuance plans in the call. - Emphasis remains on balance sheet strengthening via asset sales and arbitration recoveries, not on fresh capital raising.

- Q1 FY20 Capex incurred: INR 21 crores - Additional Capex planned for FY20: INR 40-50 crores - Total FY20 Capex guidance: Approximately INR 60-65 crores - Focus remains on current orders with capex aligned to project execution needs - Strategic focus on road projects (50-60% of order book) and irrigation/mining projects (balance) - No specific mention of new large-scale strategic investments beyond ongoing asset monetization efforts - Monetization efforts underway for arbitration claims and power assets to reduce debt and strengthen balance sheet - No fixed timeline disclosed for power asset stake sale; expected within current financial year - Key projects progressing on schedule, with some aiming for early completion bonuses (e.g., Purvanchal Expressway)

- Gayatri Projects expects over 25% revenue growth for FY20, reaffirming their guidance based on strong order book and execution. - The company has a healthy EPC-only order book of over INR 150 billion with 90% already generating revenues. - Order inflows were subdued in Q1 due to general election related slowdowns, but are expected to pick up from H2 FY20. - They maintain an order inflow guidance of INR 60-65 billion for FY20. - Roads segment will contribute 50-60% of new orders, with the balance from irrigation and mining. - Larger road projects like Purvanchal Expressway and Mumbai-Nagpur Expressway are progressing well, supporting revenue growth. - EBITDA margin guidance remained strong at around 16% for FY20, indicating operational efficiency alongside growth. - Monetization of arbitration claims and power assets is expected to reduce debt, supporting financial health for growth.

- Gayatri Projects Limited expects strong future growth with a reaffirmed FY20 guidance of: - 25%+ revenue growth - 30%+ PAT (profit after tax) growth - EBITDA margins are expected at 16% for FY20, with confidence in catching up on weaker first quarter irrigation project execution in Telangana, Karnataka, and Andhra Pradesh. - Over 90% of their large EPC order book (~INR 150 billion) is generating revenues, providing good earnings visibility over the next three years. - Order inflow guidance for FY20 is maintained at INR 60-65 billion, with a pipeline largely driven by roads (50-60%) and irrigation and mining projects. - The company anticipates margin improvements and continued execution momentum in major projects like Purvanchal Expressway and Mumbai-Nagpur Expressway. - Tax rate normalizing to around 22% in FY20 and FY21, with full tax rate expected by FY22.

- Gayatri Projects has built a strong EPC-only order book of over INR 150 billion (INR 15,000 crores) over the last four years (Page 2). - Over 90% of this order book had started generating revenues by Q2 FY20, providing good earnings visibility for the next three years (Page 2). - The company maintains a high book-to-bill ratio of over 4.2 times (Page 2). - Bidding pipeline includes about INR 1,000 crores worth of NHAI projects starting to trickle in, with major bidding activity expected after October (Page 6). - Target order inflows guidance for FY20 is INR 60-65 billion (INR 6,000-6,500 crores) (Page 3). - Focus on roads (~50-60% of orders) and remaining from irrigation and mining segments (Page 6). - Projects in pipeline also include UPEIDA projects like Gorakhpur link (Page 6).