Kesoram Inds.

- Demand is good from October onwards despite climate vagaries like heavy rains. - Production and sales have increased compared to the last quarter and elevated levels are expected to be sustained. - There may not be significant growth in this quarter, but the company aims to grow every quarter (fingers crossed). - The company can comfortably manufacture and sell 8.5 to 9 million tons without additional capex by increasing blended cement share. - Future growth focuses on reducing high-cost debt, improving EBITDA per ton, and debottlenecking clinker capacity. - Plans include expanding blended cement sales and launching premium products (e.g., CONQUERETE in Maharashtra). - Growth is linked to improving operational efficiency, expanding market reach, and cost reduction initiatives.

- The company aims to sustain elevated levels of production and sales in the near term but does not expect growth this quarter; however, it aspires to grow every quarter (Page 20). - EBITDA per ton target is to maintain closer to Rs. 1,000 per ton, up from Rs. 800 in Q2 and Rs. 1,000 in Q1 (Page 15, 9). - Moving towards a higher blended cement mix (currently ~50/50 OPC to blended) is expected to improve EBITDA per ton due to better margins on blended cement (Page 9). - Plans to reduce high-cost debt through rights issue and refinancing with lower-interest loans (~10-11%) will improve profitability and EPS (Page 14, 12). - Debottlenecking existing facilities can increase capacity to 8.5 to 9 million tons without major capex, supporting volume growth (Page 5). - Focus on operational efficiency measures like reducing sales radius and using alternative fuels (AFR) to enhance margins (Page 9). - The management expects these initiatives to be value accretive and conducive to market rerating and better earnings.

The provided pages of the document "1755.pdf" do not contain specific information about the current or expected order book or pending orders of the company. The excerpts focus on topics such as sales prices, demand scenarios, debt repayment, cost of borrowing, operational capacity, production volumes, EBITDA per ton, product mix, geographic markets, strategic partnership considerations, and financing plans. Therefore, no explicit details regarding current or expected order book or pending orders are available in the given content.

- The Board has approved a rights issue with a target to raise up to Rs. 2500 Crores, though the exact split between debt and equity is not yet finalized. - The company aims to replace high-cost debt (currently at 20.75% interest) with lower-cost borrowing targeted at 10-11% over the next 24 months. - A significant portion of the raised funds will be used to prepay existing high-interest debt, including optionally convertible redeemable preference shares (OCRPS) and debentures. - The rights issue final call is expected between December 2021 and January 2022 to facilitate debt reduction and improve credit ratings. - The company emphasizes that any fundraising will be value accretive, possibly involving a mixture of equity and debt, with a focus on reducing the overall cost of borrowing. - No urgent plans to bring in a strategic partner; preference is to strengthen the balance sheet internally first.

- Priority on acquiring limestone-bearing land near Sedam plants to ensure 7-8+ years of raw material availability. - Planned spending on waste heat recovery systems with a payback period of 1.5 to 2 years to improve energy efficiency. - Solar installations are being examined for future industrial-scale deployment. - Focus on debottlenecking existing clinker capacity to increase production. - No immediate large capex, can manufacture and sell 8.5 to 9 million tons without additional capex by optimizing blended cement production. - Strategic priority is reducing borrowing costs through equity infusion and debt refinancing before major expansion. - No current plans for coal mine acquisition; priority is scaling cement operations and reducing borrowing costs first. Overall, the focus is on efficient asset utilization, energy efficiency improvements, and balance sheet strengthening before significant new capital investments.