Gayatri Projects Ltd

- No further equity infusion is planned from the standalone company to the subsidiaries or projects. - The company is not committing any more equity to projects and is focusing on restructuring them. - Long-term debt is being actively reduced through repayments (about 200 crores per year targeted). - Interest costs have been reduced through better rates and credit rating improvements. - No mention of any new debt fundraising; rather, focus is on deleveraging and managing working capital. - Capex requirements are minimal, especially for water projects which don't need capex; existing equipment will be redeployed. - Monetization opportunities in assets (like Sembcorp's thermal power) may bring cash inflows but are not new fundraising. In summary, the company is focusing on reducing debt and not planning fresh equity or debt fundraising currently.

- Water projects do not require any significant capex. - Only one road project (~1300 crores) requires incremental capex of around 10-20 crores. - Majority of equipment will be freed up from the next 2-3 quarters and redeployed to new road projects. - Only some balancing equipment will be added as needed. - No plans for further equity infusion from the standalone company. - Strategic focus is on expanding water supply projects with fully tied funding, alongside selective road projects. - Capex mainly to support road project execution, with minimal additional investment expected.

- FY22 revenue guidance indicates a 20-30% growth over FY21, targeting ₹4,000-5,000 crores in inflows and revenue. - Execution capabilities expected to improve significantly with majority of existing ₹9,500 crore order book set to complete within six quarters. - New order inflows anticipated in Q4 and Q1 FY22, including additional ₹1,000-2,000 crores, primarily from road projects. - Order book mix expected to focus on roads (60-70%) and water projects; water projects are gaining traction but growth in other states beyond UP is cautious. - Order targets include winning ₹3,000-4,000 crores in UP water pipeline projects over the next 1-2 years. - Capex is minimal with freed equipment from completed road projects redeployed for new projects. - EBITDA margins likely to stabilize around 13-14% due to increased water project share, with overall sales volume growth supported by ramped-up manpower and execution.

- Revenue growth of 20-30% expected in FY22 due to strong order book and improved execution. - EBITDA margins anticipated to stabilize around 13-14%, with road projects having higher margins (~15%) compared to water projects (~13-14%). - Execution rate improved by 30% in Q3 FY21, with all sites fully operational, indicating better earnings visibility. - Target order inflows for FY22 are around Rs. 4000-5000 crores, supporting revenue growth. - No further write-offs expected; focus on monetization of arbitration claims and termination payments to support cash flows. - Interest cost reduction of around Rs. 50-60 crores expected due to debt repayment and improved credit rating. - Debt reduction plans targeting gross debt to come down from current ~1900 crores to around 1600-1700 crores. - Working capital days expected to improve to ~80 days from current 93 days, enhancing cash flow and profitability.

- Current order book stands at around ₹12,800 crores (including water and road projects). - The mix is predominantly roads (~60-70%) and irrigation/water supply (~20%). - Additional order inflows of a couple of thousand crores are expected in Q4 FY21 and early FY22. - The company is focusing on consolidating water supply projects in UP before expanding to other states. - Expect continued order inflows in water projects in UP, Punjab, Rajasthan, and irrigation projects in Karnataka and Andhra Pradesh. - Order book to bill ratio currently around 3.7:1, indicating strong revenue visibility. - Majority of existing orders (around ₹9,500 crores) to be completed within six quarters. - Plans to bid more aggressively in roads after equipment becomes free in 6 months. - Targeting order inflows of ₹4,000-5,000 crores in FY22. - Water projects require minimal capex; road projects capex is marginal (₹10-20 crores).