RPP Infra Proj. Q3 FY17 Earnings Call Analysis
Revenue, margin, capex, fundraise and order book outlook from management commentary.
Management growth scorecard
Revenue
Category 3
Margin
Category 3
Fundraise
Yes
Order
Yes
Capex
Yes
3 of 5 growth signals are positive.
Full analysisRevenue guidance
Category 3- FY2017 revenue projected at around Rs. 400 Crores but likely to achieve Rs. 340-350 Crores due to demonetization impact.
- FY2018 revenue expected to grow to approximately Rs. 450 Crores.
- Order book expected to grow from Rs. 784 Crores (Dec 2016) to around Rs. 900-1000 Crores by April 2017.
- Additional Rs. 300 Crores worth of L1 orders likely to be awarded, supporting growth.
- Focus on increasing order book gradually, targeting Rs. 1000 Crores by April 2017 and potential doubling thereafter.
- Business growth driven primarily by infrastructure and water segments, which typically yield higher margins (infra 12-15%, water 15-20%).
- Participation in government schemes (AMRUT, PMKSY, PMGSY) expected to sustain order inflows.
- Expansion through joint ventures and increased bidding in larger projects anticipated.
- EBITDA margins expected to be maintained at 14-15%.
See what RPP Infra Proj. management said on margin guidance — free account, 30 seconds.
Fundraise plans
Yes- Fundraising plans are considered if the order book crosses Rs. 1000 Crores.
- Currently, the order book is significantly lower; thus, no immediate fundraising is planned.
- Increasing the order book by 50% or more to cross this threshold will trigger the need for fund raising.
- No specific timeline or detailed plan for debt or equity fundraising was provided.
- The company aims to maintain quality order inflow before considering fund raising.
- Capex requirements will rise moderately with the doubling of the order book but will be managed within Rs. 10-25 Crores, reducing the immediate need for large fund raising.
See what RPP Infra Proj. management said on order book — free account, 30 seconds.
Capex plans
Yes- Annual capex typically ranges from Rs. 3 to 5 Crores to replace old machinery.
- For the current year, capex increased to Rs. 5 to 8 Crores due to participation in a large concrete road project requiring specialized machinery (concrete paver).
- If the order book doubles from Rs. 750 Crores to Rs. 1500 Crores, incremental capex would be Rs. 10 to 25 Crores depending on project type: pipeline projects require minimal capex, while concrete road and building projects could need an additional Rs. 5 to 10 Crores.
- Assets purchased specifically for projects not regularly used are sold off or leased out, e.g., a filing rig was sold after one year due to lack of suitable projects.
- Strategic JV planned with HUNAN State (74% HUNAN, 26% R.P.P.) to bid on larger infrastructure projects in Amravathi, expanding bidding capacity beyond Rs. 100 Crores as a local partner with access to their equipment and expertise.
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