Any current/future new fundraising through debt or equity?

No explicit mention of any current or planned fundraising through debt or equity in the transcript. The company has a strong cash position with around Rs. 4,875 crores net cash and treasury surplus as of September 30, 2023. Available cash is primarily intended for organic growth (which requires relatively low CAPEX) and potential inorganic growth through digital M&A. Management indicated they have adequate cash to fund organic growth and are currently evaluating digital acquisitions. No firm commitments or plans disclosed regarding raising new debt or equity funds. The company has recently com

Any current/future capex/capital investment/strategic investment?

Current CAPEX usage is relatively small and not very large as per cash flow statements. Growth, particularly organic growth, will be funded as and when required. Traditional BPM model shifting due to market trends (e.g., work-from-home), reducing CAPEX needs. Adequate cash on hand to fund organic growth without significant CAPEX burden. Focus on inorganic growth primarily through digital M&A; evaluation of acquisitions for new digital capabilities is ongoing. Largest cash utilization expected for inorganic investments rather than organic expansion. Investments made in NLD (National Long Distan

Future growth expectations in sales/revenue/volumes?

Media division (NXTDIGITAL) is growing, with digital television subscribers increasing QoQ and broadband business growing nearly 10% QoQ, expected to grow exponentially over next decade due to low current penetration (~8% of households) and expanded NLD backbone (6,000+ km). Broadband business is a key driver with expectations of sustained growth for 5-7 years. TekLink business delivering strong performance with ~20% EBITDA margin, contributing Rs. 67 crore revenue in the recent quarter. Technology business expected to form at least 50% or more of total business mix in 2-3 years. BPM business

Future growth expectations in earnings/operating earnings/profits/EPS?

Revenue growth outlook for the full year FY24 is expected to be muted due to global economic uncertainties and client spending cuts. Operating EBITDA margins improved significantly YoY and sequentially, driven by cost rationalization and shift from onshore to offshore delivery. Media division’s profitability is expected to improve over the next two quarters (Q3 and Q4 FY24) as the NLD backbone investments translate to better EBITDA and PAT. Cash flow from operations has improved with focus on margin and cost control, despite a drop in other income affecting net profits. Organic growth

Hinduja GlobalQ2 FY24Commercial Services & Supplies

Hinduja Global Q2 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹367Market Cap: ₹1.8K CrSector: Commercial Services & Supplies

Management growth scorecard

Revenue

Category 4

Margin

Category 3

Fundraise

N/A

Order

N/A

Capex

Yes

1 of 3 growth signals are positive — mixed outlook.

Full analysis

Revenue guidance

Category 4

Media division (NXTDIGITAL) is growing, with digital television subscribers increasing QoQ and broadband business growing nearly 10% QoQ, expected to grow exponentially over next decade due to low current penetration (~8% of households) and expanded NLD backbone (6,000+ km).
Broadband business is a key driver with expectations of sustained growth for 5-7 years.
TekLink business delivering strong performance with ~20% EBITDA margin, contributing Rs. 67 crore revenue in the recent quarter.
Technology business expected to form at least 50% or more of total business mix in 2-3 years.
BPM business focusing on cost rationalization, shifting from onshore to offshore delivery, with stable to modest growth.
Potential inorganic growth through digital tech M&A under evaluation.
Global economic uncertainties may cause muted near-term revenue growth; Q3 and Q4 FY24 expected to provide clarity on media division breakeven and growth momentum.

Margin guidance

Category 3

Revenue growth outlook for the full year FY24 is expected to be muted due to global economic uncertainties and client spending cuts.
Operating EBITDA margins improved significantly YoY and sequentially, driven by cost rationalization and shift from onshore to offshore delivery.
Media division’s profitability is expected to improve over the next two quarters (Q3 and Q4 FY24) as the NLD backbone investments translate to better EBITDA and PAT.
Cash flow from operations has improved with focus on margin and cost control, despite a drop in other income affecting net profits.
Organic growth requires moderate CAPEX; major cash utilization is planned for digital M&A to acquire new capabilities.
The digital/technology business is expected to comprise at least 50% of revenues over the next 2-3 years, driving higher margins.
Broadband and digital media businesses show strong growth prospects, especially with increased penetration and network capacity.
EPS impact is influenced by operational improvements but tempered by lower other income and tax line fluctuations.

See what Hinduja Global management said on margin guidance — free account, 30 seconds.

Fundraise plans

No explicit mention of any current or planned fundraising through debt or equity in the transcript.
The company has a strong cash position with around Rs. 4,875 crores net cash and treasury surplus as of September 30, 2023.
Available cash is primarily intended for organic growth (which requires relatively low CAPEX) and potential inorganic growth through digital M&A.
Management indicated they have adequate cash to fund organic growth and are currently evaluating digital acquisitions.
No firm commitments or plans disclosed regarding raising new debt or equity funds.
The company has recently completed acquisitions funded from existing cash reserves, without mentioning new fundraising.

Order book

The transcript does not explicitly mention the current or expected order book or pending orders. However, relevant insights include: - The company is seeing growth in digital and enterprise business segments, notably with the launch of CelerityX in September, already securing significant corporate and enterprise customers. - The pipeline for technology and digital businesses looks good, led by new logo wins and cross-selling opportunities. - Sales hires and business development investments are ongoing in the US and UK to drive growth. - Management is evaluating inorganic growth opportunities (digital M&A) but has not disclosed specific deals. - The media division expects improvements in performance over the next two quarters due to investments like the NLD backbone. - Overall, organic growth is progressing, and investments are made prudently with adequate cash reserves for expansion as needed. No quantified order book or pending orders figures are disclosed in the transcript.

See what Hinduja Global management said on order book — free account, 30 seconds.

Capex plans

Yes

Current CAPEX usage is relatively small and not very large as per cash flow statements.
Growth, particularly organic growth, will be funded as and when required.
Traditional BPM model shifting due to market trends (e.g., work-from-home), reducing CAPEX needs.
Adequate cash on hand to fund organic growth without significant CAPEX burden.
Focus on inorganic growth primarily through digital M&A; evaluation of acquisitions for new digital capabilities is ongoing.
Largest cash utilization expected for inorganic investments rather than organic expansion.
Investments made in NLD (National Long Distance) broadband backbone (over 6,000 km), enabling customer additions without significant additional cost.
Continued attention on CAPEX to support broadband and digital media expansion as part of strategic growth.

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