Man Infraconstruction Ltd

- The company is not intending to raise any equity immediately. (Page 7) - Existing loans (~INR140 crores) are mainly in subsidiaries and are offset by equivalent liquidity; loans taken are mostly for maintaining banking relationships or future opportunities. (Page 7) - The company maintains a debt-free or very low-debt model on the main balance sheet, focusing on liquidity and internal accruals. (Pages 6-7) - For projects like Tardeo, construction finance is tied up by the developer (landlord), so loans do not burden Man Infra’s balance sheet directly. (Page 14) - The management emphasizes strong cashflows and liquidity of INR300 crores plus as of March 2023, with no immediate plans for fresh fundraising via debt or equity. (Pages 6, 16) - For US projects, no further capital infusion is expected for at least one year, as the company has already invested around $29 million with $15 million kept as liquidity. (Page 16, 19)

- Man InfraConstruction Limited has invested around $29 million in the USA, with about $14.5 million already invested and $15 million kept as liquidity for future and ongoing large projects. - No immediate plans for further capital infusion abroad for at least one year. - Continuous investments are being made in new projects with sufficient financial closures and liquidity (INR 300 crores plus) in India. - New projects expected to start in 2-3 months utilizing available cash flows. - The company follows a partnership (DM) model in construction, marketing, and sales with limited exposure to financing risks. - No current plans for equity raising or debt increase; the company maintains a conservative cash liquidity policy to manage working capital and expansion needs. - Further expansion in the USA is planned after a one-year period of consolidation.

- The company expects significant growth in deliveries, aiming to deliver more than 5 million square feet over the next five years. - Revenue from operations grew by 97% year-on-year to INR1,890 crores in FY 2023, with both EPC and Real Estate divisions growing around 50% CAGR from FY 2019 to FY 2023. - Real Estate revenue grew 52% YoY to INR972 crores; EPC revenue grew 186% YoY to INR918 crores, driven by fast execution of key projects. - Price per square foot in Mumbai is expected to remain largely stable with no major increases anticipated. - Order book on the EPC side is expected to increase this year, with new projects starting soon. - Cash flows are expected to further improve over the coming years. - For US projects, no new capital infusion is planned for the next year, focusing on current large ongoing projects. - The company anticipates steady demand aided by good product quality and location, supporting sustained sales going forward.

- The company expects continued improvement in cash flow and higher profitability this year compared to last year. - Earnings growth is projected to remain strong with a record collection of INR1,448 crores achieved in FY23. - Consolidated net profit grew robustly by 137% YoY to INR259 crores in FY23 after adjusting for one-time impacts. - Real estate and EPC divisions each contributed close to 50% of revenue, both growing at approximately 50% CAGR over the past 4 years. - Full-year earnings and operating margins are expected to remain consistent, though quarter-to-quarter fluctuations may occur due to project phases. - The company targets delivering over 5 million square feet in the next five years, indicating strong revenue and profit growth potential. - Dividend payments continue annually, reflecting confidence in earnings sustainability. - No major capital infusion expected in the US market for at least one year; investments focused on current large projects. Overall, positive and prudent growth outlook with disciplined risk management.

- EPC order book declined from INR 1,325 crores (Dec 2022) to INR 980 crores (Mar 2023). - The company expects a few infrastructure orders to be confirmed by the end of the current month, with tender processes already completed. - EPC order book is anticipated to increase this year due to new infrastructure orders and EPC contracts from its own real estate projects. - The company plans to start 2-3 new EPC projects from its real estate division within six months. - No intentions to take contracts from outside developers currently due to a strong in-house project pipeline for the next three years. - Real estate pipeline includes projects totaling approximately 1.7 million square feet ready to start within 6-8 months. - Overall, order book and EPC revenue growth are expected to improve over the medium term alongside expanding real estate portfolio.