K.P. Energy Ltd

- No immediate large capital raise planned for EPC projects as they mainly require working capital and short-term funding. - Capex and funding needs are significant for IPP projects, where the company currently has about 50 MW commissioning by January and another 50 MW planned next year. - Funding for IPP projects will be managed through a mix of debt, equity, and internal accruals; typical IPP projects have a debt-to-equity ratio of roughly 70:30. - Currently, borrowing is under control with debt-to-equity less than 1, expected to rise with new IPP assets. - No explicit future fundraising plans (debt or equity) announced beyond the existing IPP funding approach. - Working capital for large EPC orders will be managed via short-term borrowings only.

- Major capex arises predominantly in IPP projects; EPC projects require mostly working capital and short-term funding. - Currently commissioning 50 MW IPP by January with another 50 MW planned within the next year. - Capex cost for the 30 MW IPP plant is INR 240 crores, partially funded through equity and debt; work is underway targeting commissioning by January 2025. - Capex for additional 50 MW IPP depends on the solar-wind mix; cost varies accordingly. - No significant capex needed for the 2 GW EPC order book; funding focus is on short-term working capital. - Internal accruals and a balanced debt-equity mix (~30:70) are expected to sufficiently fund upcoming IPP projects. - Group synergy leveraged by subcontracting some contracts/material sourcing within group companies to optimize costs and timelines.

- KP Energy has an order book of about 2 gigawatt valued at approximately INR 3,350 crores, to be executed over the next 12 to 18 months. - The company expects strong revenue ramp-up, with H2 FY25 forecasted to be significantly higher than H1 FY25 (INR 337 crores). - Management expects to maintain a growth trajectory with potential for revenue doubling in FY25 and continuing strong growth into FY26, supported by a robust order pipeline of about 1.57 gigawatts in bids. - The IPP segment aims to grow its portfolio to 100 megawatt by FY26, with revenues estimated around INR 100 crores for 100 MW. - O&M revenues expected to grow from INR 4-4.5 crores to INR 6.5-7 crores next year, expanding as free O&M periods expire. - Overall EBITDA margins expected at 20-23% for EPC contracts, with blended margins steady due to mix of IPP and O&M.

- KP Energy aims to double revenues in FY25 and is on track to do so. - There is visibility of around INR 3,300 crores order book (~2 GW) expected to be executed in the next 12-18 months, supporting growth. - Strong pipeline, with about 2 gigawatt of orders in hand, targeting continued doubling of revenues in FY26. - EBITDA margins projected to remain stable around 20-23% for EPC contracts, with overall EBITDA expected to be around 75-80% at BOP level. - Profit after tax for Q2 FY25 reached INR 24.94 crores (highest ever quarterly PAT), with H1 FY25 PAT at INR 56 crores, showing strong YoY growth. - EPS for H1 FY25 rose to INR 6.47 vs INR 3.5 in H1 FY24, indicating value creation for shareholders. - Growth driven by operational efficiencies, expanding IPP portfolio (targeting 100 MW by FY26), and increasing O&M revenues. - Management expects continued strong operational performance and sustained margin growth.

- Current order book stands at about 2 gigawatts, translating to approximately INR 3,350 crores. - Of the 2 gigawatts, around 1.04 gigawatts (valued at about INR 2,300 crores) comes from KPI Green. - The entire 2 gigawatts order book is expected to be executed over the next 12 to 18 months, with some projects completing by March 2025, others by June 2025, and some extending up to March 2026. - Additionally, there is a bid pipeline of approximately 1.57 gigawatts expected to materialize within the coming 3 to 6 months. - The total order book, including the group entity KPI Green's orders and others, stands at INR 3,350 crores as of November 14, 2024.