Gayatri Projects Ltd

- 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.

- 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.

- 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.

- 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.

- 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.