Sarda Energy & Minerals Ltd

- Ongoing capex for FY'25 is around INR 700 crores; INR 150 crores spent in Q1. - Major capex focused on expansion of three coal mines (including Shahpur West, Kalyani coal mine). - Shahpur West coal mine opening expected after receiving Stage 2 forest clearance within the current financial year. - Work progressing on 50 MW captive solar power project, targeting operational by end of FY'25. - Commissioning of 25 MW Rehar hydropower project expected this quarter, ahead of March 2025 schedule. - Waste utilization project planned for next year. - Turbine replacement project (30 MW TG set) under progress; commissioning in 24-28 months post supply from BHEL. - Acquisition of 2x300 MW SKS thermal power plant underway; no immediate capex involved. - Future capex plans include starting 3 more coal mines and hydropower projects to drive growth.

- The company currently has no intention to raise funds through either debt or equity. - They take enabling resolutions every year to keep the option open but have no immediate plans to utilize them. - For the acquisition of SKS Thermal power plant, there is no immediate capex planned since it is an operating plant. - Any further decisions on capacity expansion or fundraising related to SKS will be made after acquisition and clarity on regulatory orders. - Current funding for ongoing projects comes from internal accruals and strong liquidity, with a net debt position of zero and gross long-term debt around INR1,300 crores backed by cash/liquids of similar amount.

- Volumes are expected to remain at normal levels throughout FY25, maintaining operational stability. - No significant top-line growth anticipated in the near term; revenue expected to be flat or moderate. - Future revenue growth drivers include: - Increase in coal mining capacity (starting Shahpur West mine upon forest clearance). - Commissioning of the 25 MW Rehar hydropower project (completed in the current quarter). - Upcoming 50 MW solar power and waste utilization projects (expected operational next year). - Acquisition of the 2x300 MW SKS thermal power plant (pending NCLT order). - Further profitability improvement is possible driven by backward integration and operational efficiencies from own mining and power assets. - Market volatility due to global factors (China, geopolitical, interest rates) makes precise forecasting challenging. - Power market strengthening, with prices generally rising year-on-year, indicating stable demand.

- Future volume levels expected to remain at normal operational levels for FY25, maintaining steady production. - Top-line growth to see additions from increased coal mining capacity, commissioning of hydropower project, and upcoming waste utilization project (expected next year). - Profitability may improve with backward integration via own mining and power plants; waste utilization and renewable projects will reduce carbon footprint and costs. - Commissioning of 25 MW Rehar hydropower project and 50 MW solar power project supports future growth and sustainability goals. - Starting of 3 new coal mines and additional hydropower projects will contribute to growth. - Market volatility and external factors (China’s economy, geopolitical issues, interest rates) make precise profit projection difficult. - Management focuses on diversification to weather volatility and drive sustained performance improvements.

The transcript does not explicitly mention current or expected order book details or pending orders for Sarda Energy & Minerals Limited. However, key ongoing and upcoming projects that imply future order inflows or operational progress include: - Commissioning of the 25 MW Rehar hydropower project expected by end of Q2 FY25. - Progress on acquisition of operational 2x300 MW SKS thermal power plant (NCLT approval pending). - Expansion involving three coal mining projects, with the Shahpur West Coal Mine opening expected after forest clearance within the current financial year. - Waste utilization project planned for commissioning next year. - 50 MW captive solar power project scheduled operational by end of FY25. - Turbine replacement project and a 30 MW turbine generator set expected to be commissioned in 24-28 months. No specific order book size or pending order value is disclosed in the call.