GFL Ltd

- No explicit mention of current or planned fundraising through debt or equity in the transcript. - Discussed preferential issue in Inox Leisure; the loan to Inox Leisure (~Rs 160 crores) is expected to be converted into equity. - For Inox Renewable loan (~Rs 200 crores), expected repayment within next 6 months. - CAPEX guidance: - Rs 150 crores spent in H1 FY19 for Chemical business projects. - Remaining Rs 50-75 crores planned to complete current projects. - FY20 CAPEX blueprint ready but final plan to be shared next quarter. - Demerger plan to list Chemical business separately may enable investor flexibility but no direct fundraising linked to this mentioned.

- Completed capex in Chemical business with a focus on ramping up new revenue streams such as fluoropolymers, specialty chemicals, and PTFE capacity expansion. - Currently manufacturing only about 100 tonnes/month of new fluoropolymers, targeting 800-900 tonnes/month by March 2020. - Total capex spent in H1 FY19 was around Rs.150 crores; remaining capex for current projects estimated at Rs.50-75 crores. - Blueprint for FY20 capex is ready but not finalized; more clarity expected next quarter. - Planned future expansion of PTFE capacity beyond 21,000 tonnes possible at a new Dahej site, 7-8 km from existing plant, with blueprints to be clarified in the first quarter of next year. - Wind turbine business planning to add about 40 to 50 MW capacity with a potential capex of Rs.250-300 crores. - Possibility of value unlocking through corporate restructuring including demerger enabling focused growth strategies.

- PTFE sales volumes expected to grow from ~1,300 tons/month in 2018 to ~1,750 tons/month by 2020, achieving full expanded capacity. - Value-added PTFE share projected to increase to about 55%, with granular PTFE at 45%. - Fluoropolymers production anticipated to ramp up from ~100 tons/month to 800-900 tons/month by March 2020. - New fluoropolymers and specialty FluoroSpecialty chemicals expected to reach ~50% capacity utilization in the first year, with gradual ramp-up over five quarters. - Incremental revenues: Rs. 600 crores from Fluoropolymers and Rs. 300-400 crores from FluoroSpecialty chemicals by March 2020. - Continued pricing improvement in granular PTFE, especially in US and European markets due to reduced competition with Chinese products. - Overall chemicals business volumes and revenues expected to increase significantly driven by these product expansions and capacity utilization improvements.

- Expect significant ramp-up in revenues and profitability over next 4-5 quarters, driven by new fluoropolymer products and expanded PTFE capacity (Page 11). - Value-added PTFE to increase to about 55% of production, granular PTFE at 45%, with improved pricing in US and Europe markets due to reduced competition with Chinese products (Page 16). - Fluoropolymer product sales projected to ramp up to 800-900 tons per month by March 2020 from about 100 tons currently (Page 14). - Incremental revenue potential: Rs. 600 crores from Fluoropolymers and Rs. 300-400 crores from FluoroSpecialty chemicals, expected by March 2020 (Page 7). - Margins currently at ~29% in chemical segment; sustainable and likely to increase with higher contribution from value-added products (Page 8). - Full utilization of expanded 21,000 tons PTFE capacity expected by calendar year 2020, with steady volume growth (Pages 6, 7, 16). - PAT growth expected to continue supported by capacity ramp-ups and product mix improvement (Multiple pages).

- The company mentioned a range of 40 to 50 megawatts capacity addition in wind farming with a capital expenditure of around Rs. 250 to 300 crores (Page 11). - Wind Turbine manufacturing business has started seeing a turnaround with orders from SECI - 1 tenders, commissioning about 16 megawatts and clocking sales of 90 megawatts (Page 3). - The company expects to ramp up capacity utilization in value-added fluoropolymers from current 100 tonnes per month to 800-900 tonnes per month by March 2020 (Pages 13, 15, 16). - New fluoropolymer products and PTFE capacity expansions are expected to be fully utilized by the year 2020 (Page 8). - Future capacity plans and CAPEX for FY20 are under formulation and expected to be finalized in the next quarter (Page 11). - Loan repayments from related entities (Inox Leisure, Inox Renewable) are expected within the next 6 months (Page 15).