Current/ Expected Orderbook/ Pending Orders?

As of March 31, 2023, Sansera Engineering's order book of new business with annual peak revenue stands at INR 13.3 billion (USD figure not specified). Breakdown of this order book: - Auto ICE: INR 5.5 billion (41%) - Auto tech agnostic and xEV: INR 4.3 billion (33%) - Non-auto segment: INR 3.5 billion (26%) This order book reflects a "reset" after moving products into mass production. Approximately INR 2 billion worth of new orders were added in Q4 FY23. Ramp-up of orders typically takes 2-3 years: 30-40% in year 1, 70-75% in year 2, and full maturity by year 3. Export shar

Any current/future new fundraising through debt or equity?

There is no explicit mention of any new fundraising plans through debt or equity in the transcript. The company has higher debt levels compared to FY20-21 due to heavy investments in capacity expansion, especially for non-traditional areas like non-ICE and non-auto components. Management expects debt to remain around the current level for some more time but anticipates improving debt metrics (net debt to equity, net debt to EBITDA) as growth progresses. Capex for FY24 is expected to be around INR 250 crores, primarily funded through internal accruals and existing debt. No specific plans for ra

Any current/future capex/capital investment/strategic investment?

Capex for FY24 is expected to be approximately INR 250 crores, similar to FY23's INR 244 crores. Majority (over 75%) of the capex is focused on new sectors like aerospace, tech agnostic, and xEV components rather than traditional ICE areas. New manufacturing facility set up to cater to growth, especially for aerospace; expected full utilization by FY26 with potential revenue of INR 350-400 crores. Construction underway for a new aluminum machining parts facility at existing Bidadi Plant 11 (brownfield expansion), expected completion by end of FY23. Capex aims to enhance technological upgrades

Future growth expectations in sales/revenue/volumes?

FY23 revenue grew by 18% with healthy domestic market performance and export recovery signs. FY24 expected to surpass FY23 growth due to recovery in exports and strong non-auto business growth (~50% YoY, especially aerospace). Order book peak annual revenue at INR13.3 billion expected to ramp up over 2-3 years; 30-40% in year 1, 70-75% by year 2, full maturity from year 3 onward. Export contribution expected to increase from 28.4% in FY23 to ~32.5%-33% in FY24, with higher-margin orders boosting overall margins and revenues. Aerospace business expected to grow strongly with new manufac

Future growth expectations in earnings/operating earnings/profits/EPS?

Sansera Engineering expects a stronger year in FY24 with better utilization of new plants, leading to growth in earnings and margins. The company targets achieving a 20% EBITDA margin by FY25 as part of its "20-20-20" program (20% CAGR growth, 20% ROCE, 20% EBITDA margin). Export growth is anticipated to improve, especially in aerospace (expected ~60% growth) and aluminum forged/machined components, enhancing margins. Sweden operations are expected to recover margins to 7-8% EBITDA this year with cost improvements and utilization gains, potentially reaching double-digit EBITDA by Q4 FY24. Over

Sansera Engineering LtdQ4 FY23Auto Components

Sansera Engineering Ltd Q4 FY23 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹4,150.3P/E: 74.3Market Cap: ₹25.9K CrSector: Auto Components

Management growth scorecard

Revenue

Category 3

Margin

Category 2

Fundraise

N/A

Order

Yes

Capex

Yes

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

FY23 revenue grew by 18% with healthy domestic market performance and export recovery signs.
FY24 expected to surpass FY23 growth due to recovery in exports and strong non-auto business growth (~50% YoY, especially aerospace).
Order book peak annual revenue at INR13.3 billion expected to ramp up over 2-3 years; 30-40% in year 1, 70-75% by year 2, full maturity from year 3 onward.
Export contribution expected to increase from 28.4% in FY23 to ~32.5%-33% in FY24, with higher-margin orders boosting overall margins and revenues.
Aerospace business expected to grow strongly with new manufacturing facility, targeting INR350-400 crore revenue by FY26.
Domestic markets, especially two-wheelers and passenger vehicles, show robust growth (29% and 39%, respectively).
Overall, a stronger FY24 anticipated supported by better utilization and positive demand outlook both domestically and internationally.

Margin guidance

Category 2

Sansera Engineering expects a stronger year in FY24 with better utilization of new plants, leading to growth in earnings and margins.
The company targets achieving a 20% EBITDA margin by FY25 as part of its "20-20-20" program (20% CAGR growth, 20% ROCE, 20% EBITDA margin).
Export growth is anticipated to improve, especially in aerospace (expected ~60% growth) and aluminum forged/machined components, enhancing margins.
Sweden operations are expected to recover margins to 7-8% EBITDA this year with cost improvements and utilization gains, potentially reaching double-digit EBITDA by Q4 FY24.
Overall revenue growth is expected to exceed the 18% achieved in FY23, driven by domestic and export markets.
Margin improvement guided for FY24 includes a 50-55 basis points increase on a full-year basis from better export mix.

See what Sansera Engineering Ltd management said on margin guidance — free account, 30 seconds.

Fundraise plans

There is no explicit mention of any new fundraising plans through debt or equity in the transcript.
The company has higher debt levels compared to FY20-21 due to heavy investments in capacity expansion, especially for non-traditional areas like non-ICE and non-auto components.
Management expects debt to remain around the current level for some more time but anticipates improving debt metrics (net debt to equity, net debt to EBITDA) as growth progresses.
Capex for FY24 is expected to be around INR 250 crores, primarily funded through internal accruals and existing debt.
No specific plans for raising fresh equity or additional debt were indicated during the call or Q&A.

Order book

Yes

As of March 31, 2023, Sansera Engineering's order book of new business with annual peak revenue stands at INR 13.3 billion (USD figure not specified).
Breakdown of this order book:
- Auto ICE: INR 5.5 billion (41%)
- Auto tech agnostic and xEV: INR 4.3 billion (33%)
- Non-auto segment: INR 3.5 billion (26%)
This order book reflects a "reset" after moving products into mass production.
Approximately INR 2 billion worth of new orders were added in Q4 FY23.
Ramp-up of orders typically takes 2-3 years: 30-40% in year 1, 70-75% in year 2, and full maturity by year 3.
Export share in new orders is higher, expected to improve margins.
The company emphasizes the resilience and expected better utilization leading to stronger growth in coming years.

See what Sansera Engineering Ltd management said on order book — free account, 30 seconds.

Capex plans

Yes

Capex for FY24 is expected to be approximately INR 250 crores, similar to FY23's INR 244 crores.
Majority (over 75%) of the capex is focused on new sectors like aerospace, tech agnostic, and xEV components rather than traditional ICE areas.
New manufacturing facility set up to cater to growth, especially for aerospace; expected full utilization by FY26 with potential revenue of INR 350-400 crores.
Construction underway for a new aluminum machining parts facility at existing Bidadi Plant 11 (brownfield expansion), expected completion by end of FY23.
Capex aims to enhance technological upgrades and add production lines to support growth in non-ICE segments.
Strategic appointments include a senior Europe-based person in Toulouse to boost European aerospace business.
Overall, investments are geared toward expanding non-auto, aerospace, tech agnostic, and export capabilities.

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