Key Highlights

FY 18 has been marked as year of cash generation. From net borrowing of Rs 450 crore on Mar 17 the company has moved to 430 crore of surplus cash on Mar 18. Increased focus on retention collection and execution of project helped in better cash generation for the year.

Total order inflow as on Mar 18 stood at Rs 3923.7 crore, down by 9% YoY. Order from Power Grid as on Mar 18 stood at Rs 228 crore, down by 82% YoY, orders from SEB's were down by 25% to Rs 570 crore, while orders from Pvt sector now stands at Rs 3126 crore and was up by 38% YoY.

Order book stood at more than Rs 7100 crore as on Mar 18. Orders of around Rs 800 crore received in Mar 18 quarter.

Dec 17 quarter had seen a spurt in execution due to customers request and company's focus on execution. So lower execution seen in Mar 18 quarter was due to timing difference. Further some solar power projects which were planned for execution in Mar 18 quarter got delayed due to land issues. Subsequently the issue got settled and now the execution went to June 18 quarter.

30% growth in order tendering from SEB's seen in FY 18. SEBs like UP, Telengana, AP, Kerala are aggressive in tendering. Power Grid is preparing a plan for lot of T&D opportunities in FY 19. So overall opportunity pipeline is very strong in FY 19.

Annual opportunity from SEBs will be to the tune of around 1.5 billion $, from private sector will be around US $ 1 billion. Lot of opportunities from Metros, substation demand from renewable sectors, metals, refineries etc. Looking at increased demand from pvt sector as well.

Most of the orders from Pvt sector are fixed price in nature and from SEBs is with price variation clause. Power Grid is also with Price variation clause, but offlate due to competitive bidding process, power grid also wants a back to back fixed price contracts.

Exports continue to account for around 10% of total sales and around 12% of order book. The company is working for tenders from countries of Mena, Africa region and also geographies like Nepal, Bhangladesh, Bhutan and Srilanka.

Lot of T&D opportunities will emerge in FY 19 given the strong rural electrification that is taking place, as these connections need to get connected to state grid.

Expects margins to remain at around 8% levels and aims to bring it towards 10% in coming years.