Jain Irrigation Systems Ltd

- No significant equity fundraising is currently planned. - The focus is on operational cash flow, legacy receivables recovery, and asset monetization to manage financial needs. - Small, non-structural fund raises might occur but nothing substantial or immediate. - Debt reduction of INR 600 crores is planned for the year alongside 30% business growth. - There is no immediate plan for a large equity raise, and any debt reduction is primarily through repayments and asset monetization. - Promoter-level value monetization is expected over 12 months to generate funds for loan repayment and reduce pledging.

- Currently focusing on maintenance capex primarily, with no immediate large-scale growth capex planned. - Some growth capex may be needed for specific product lines like plumbing fittings and expanding tissue culture business capacity. - Traditional businesses like drip irrigation, PVC pipes, and polyethylene pipes have sufficient capacity for the next 2-3 years without additional capex. - Future capex linked to increased production in newer segments but overall manageable within existing assets. - No significant immediate capital raise planned; focus is on using operating cash flow and monetizing surplus assets (such as land) for capital requirements. - Efforts underway to reduce legacy receivables, improving working capital and ROIC, supporting capital efficiency. - Growth expected within existing capacity utilization of 50-60%, enabling expansion without heavy capital spending.

- The company targets overall business growth of about 30% for FY'24. - Plastic business has seen over 100% growth recently and is expected to maintain high growth levels. - Irrigation business is expected to grow in stronger double digits, with retail growing substantially and projects showing some degrowth. - Sales growth driven by retail and dealer network expansion, with new dealers increasing (209 dealers above INR1 crore sales vs 93 last year). - PVC pipes domestic revenue grew 46% (value terms), with volumes growing nearly 90% due to lower resin prices. - Agri Hi-tech business retail grew ~20%, despite dip/sprinkler slowdown in Maharashtra due to seasonality. - Food business expected to return to double-digit growth after overcoming past capacity underutilization. - Expansion focused on growing in North and East India beyond strong West and South markets. - Production capacity available to handle growth without significant constraints.

- Company targets overall EBITDA margin of around 13.5%-14% for FY'24. - EBITDA expected between INR 900 crores to INR 1,000 crores. - Hi-tech agri division aims to maintain EBITDA margins in the 17%-18% range. - Plastic business aims to improve margins from historical 6%-8% to 10%-12%. - Food business targeted at 10%-12% EBITDA margin. - Focus on sustainable growth with a planned top-line growth of 30% YoY. - Debt reduction of INR 600 crores planned alongside business growth. - Capacity utilization improvements expected to drive higher fixed cost absorption and margin expansion. - Hi-tech segment expected to grow strongly, tissue culture business targeted for 18%-20% EBITDA margin range. - Emphasis on retail growth, with irrigation and plastics as main drivers. - Overall positive outlook with the company moving from turnaround to growth and deleveraging phase.

- Current order book is close to almost INR 2,000 crores across businesses (Page 6). - Piping and drip irrigation orders mostly come from dealers on a weekly/daily basis, so order book may not fully reflect total expected business (Page 6). - Institutional business and food business rely on annual contracts or order books for visibility (Page 6). - Project business has shrunk significantly, with the order book now around INR 400 crores consolidated, down from INR 638 crores last year (Pages 11-12). - Momentum is positive; July sales grew compared to last year despite seasonality impacting Q2 (Page 6). - Overall, order book looks good and momentum is positive for the remainder of the year (Page 6).