Key Highlights

O&M services accounted for around 34% of total revenues for FY 18.

Order inflow stood at around Rs 2100 crore in FY 18. This is highest ever order inflow in a year for the company.

46% of orders are from Erection segment, 18% from O&M activities, 29% from civil and rest 7% from electrical. L1 position stands at Rs 830 crore. Some orders expected in Mar 18 got spilled over in June 18 quarter.

Order book as on May 18 stood is around Rs 5300 crore. 46% of orders are from Erection segment, 18% from O&M activities, 32% from civil and rest 4% from electrical. Exports will be around Rs 1000 crore of total order book.

This should translate in around 23-25% revenue growth for FY 19. Non power should account for around 20-22% of total revenues in FY 19 as compared to around 12% in FY 18.

Around 82% of order book is from power sector and rest from others including railways. This is as compared to nearly 88-90% of order book from power sector to start with on Mar 17. Lot of traction from Railways seen and is happening which will drive order book in FY 19. Also the company will play civil and erection work in upcoming refinery orders which will be tendered out in FY 19.

Non power sector execution requires less time for execution and thus results in faster rolling of working capital.

Expects Ebidta margin to remain around 13-13.5% range with an upwards bias, as execution level picks up.

Going forward by FY 19, O&M to remain around 33-35% of total sales which is from Power sector. Erection which is 90% from power sector to remain at around 40-45% of total sales as compared to around 65% in past. Civil would account for around 20-22% of total sales which will be 90% from non power sector.

Net debt stands at Rs 158 crore as on Mar 18 as compared to Rs 130 crore. Net debt was higher due to GST led issues. Despite increase in revenues in future, expects net debt to remain around current levels.

No major capex aimed going forward.

Overall tax rate will come down at consolidated level, as tax rates in some of its African subsidiaries is lower than normal tax rate.