GE Power India Ltd

- No specific updates were provided regarding new fundraising through debt or equity. - The company is focused on collecting existing receivables (~Rs. 1300 crores) to repay debt and manage payables. - Prashant Jain and Yogesh Gupta mentioned using collected funds primarily for debt repayment and operational expenses. - New orders are targeted to be cash accretive with lower retention demands to improve cash flow. - No mention of fresh debt raising or equity issuance plans in the disclosed Q1 FY23-24 discussions. - The company is focusing on stabilizing operations, optimizing structure, and growing services and industrial segments before considering further financial moves.

- GE Power India is focusing on exploratory initiatives that may take about 2 years to generate some revenues, including pilot tests to assess impact. - The company is exploring options at the Durgapur factory to produce for non-power related sectors, indicating a strategic investment in diversifying operations. - They are optimizing their organization progressively to stabilize and prepare for growth, especially in services and industrial segments. - No explicit mentions of large current or immediate future capex, but the focus is on gearing up capabilities, maintaining plant readiness at Durgapur, and selective investments in margin- and cash-accretive opportunities. - Prashant Jain highlighted retaining competence and capacity even amid underutilization to be ready for future growth and opportunities, implying capital to sustain operational capacity.

- Revenue growth is expected to be modest and gradual due to delayed orders and project execution timelines, particularly in FGD and upgrade segments. - The turnaround is taking longer than anticipated, with meaningful revenue from new orders like FGD expected only after 12-15 months post booking. - Order intake is improving, but conversion to revenue is slower due to government delays in FGD implementation and market challenges. - Core services are showing consistent growth, with around 20% growth in core services segment. - New opportunities in biomass integration, methanol, ethanol in coal plants, and industrial segment (factory in Durgapur) are being explored but will take about 2 years to impact revenues. - Hydro and pumped storage market opportunities are being pursued selectively, focusing on margin and cash accretive projects. - Overall focus remains on volume increase via fresh orders, claims settlement, and cash collections to improve cash flow and support growth.

- Services segment is growing at around 20%, seen as a key lever for turnaround and growth. - Focus on three main areas: services, industrial segment (including Durgapur factory), and private customers with industrial opportunities. - Turnaround expected to take a couple of years due to delayed FGD orders and complex backlog execution. - FGD market growth is gradual; orders delayed by 2 years, with revenue from new FGD orders expected 12-15 months post-booking. - Market share targeted around 10% of the 114 GW FGD opportunity over 5-7 years. - EBITDA profitability expected with gradual pickup in orders and execution; exact timeline not specified but implied within 2-3 years. - Cost optimization largely done; future profit improvements largely dependent on revenue growth and order flow. - EPS expected to improve as net losses reduce with operational stabilization and revenue recovery.

- As of June 30, 2023, order backlog stands at ₹3,382 crores representing active revenue opportunities in Hydro, FGD, Boilers, and Services segments. - Q1 FY23-24 order intake was ₹191 crores, significantly lower than ₹1,008 crores in Q1 of FY22-23, mainly due to lack of large pump storage orders booked previously. - Orders are slower than anticipated, especially in FGD and new build segments; some uptick in service upgrades but insufficient to cover gaps. - FGD orders remain subdued with conversion slower than expected; however, slight improvement in the market is noted. - The company expects FGD and flexibility-related studies to translate into meaningful opportunities approximately a year from now, as customers test system stability and changes required. - Hydro orders, particularly in pumped storage, are in early stages with some orders suspended due to land issues. - Focus remains on core services, backlog execution, and selective bidding for margin and cash accretive projects.