Jain Irrigat-DVR

- No significant equity fundraising is planned currently; focus is on operating cash flows for funding needs. - Some minor fundraising could occur, but nothing structural or immediate. - Debt reduction is a key priority, with a target to reduce debt by INR600 crores in the current year despite 30% business growth. - Debt repayment is primarily through legacy receivables recovery and asset monetization like land sales. - Promoters plan to monetize assets over a 12-month period to raise funds for loan repayment and reduce promoter pledging. - No major capital raise is planned for capex as existing capacity suffices for the next 2–3 years. - Overall, the company aims to grow sustainably without relying on new equity or significant new debt raised.

- Current capex is primarily maintenance-oriented; no significant growth capex planned immediately. - Potential growth capex linked to specific product lines like plumbing fittings and tissue culture expansion. - For traditional businesses such as drip irrigation, PVC and polyethylene pipes, existing capacity suffices for the next 2-3 years, negating immediate capex needs. - Some capacity additions might be needed as certain newer segments grow (e.g., plumbing and tissue culture). - No significant equity fundraising planned currently; focus on generating cash flow internally and reducing debt by INR 600 crores this year. - Capital requirements in food processing business to be resolved as working capital and structuring issues are addressed to unlock growth potential. - Surplus assets like non-core land are being monetized to support capital needs and debt reduction without external funding.

- The company targets sustainable growth, with overall revenue expected to grow about 30% this year, driven mainly by the plastics business and MIS retail segment. - EBITDA margin guidance is around 13.5% to 14% for the entire company, with Hi-tech agri business aiming for 17%-18%, plastics targeting 10%-12%, and food business between 10%-12%. - Over the next 2-3 years, EBITDA margins in plastics could improve from 12% to 14%, and Hi-tech agri from 18% to 20%, mainly from better fixed cost absorption. - EBITDA for the current year expected between INR 900 to 1,000 crores. - Structural improvements in the balance sheet and business metrics anticipated in FY'24 and FY'25. - Strong focus on deleveraging (INR 600 crores debt reduction planned) while sustaining growth. - ROIC expected to improve by utilizing existing capacities more efficiently.

- The current order book stands close to almost INR 2,000 crores. - The order book includes institutional and food business contracts which are typically annual. - For piping and drip irrigation segments, most orders come from dealers on a weekly or daily basis and are not fully reflected in the formal order book. - The project business order book has significantly reduced; current project order book is around INR 400 crores, down from INR 638 crores last year. - The project business contribution is expected to continue shrinking, with a further reduction of about INR 200 crores planned compared to last year. - The company expects ongoing strong demand and positive momentum in order inflows for the remainder of the year. - Seasonality affects quarterly order inflows, with the second quarter typically being the lowest due to the rainy season.

- Company expects overall growth of about 30% in the current year, driven primarily by domestic market expansion. - Plastic business, especially pipes, showing strong growth: 46% increase in domestic pipe revenue and significant volume increases (PVC 96%, PE 400%). - Micro Irrigation Systems (MIS) retail segment is growing strongly (20%+), despite a decline in project business. - Hi-tech agri business aims to maintain steady growth, with drip irrigation growing around 20%. - Food business showing modest double-digit growth expected for the full year. - Expansion focus includes North and East India to complement growth seen in West and South. - Durable revenue growth expected from loyal dealer network (209 dealers doing INR1 crore+ sales vs 93 previously). - Business is seasonal, Q2 usually lowest, but momentum remains positive. - Capacity is available to support growth without immediate need for equity fundraising.