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The company held its conference call on 15 Feb 19 and was addressed by Mr. Rajeev Mehrotra, Chairman and Managing Director
Key Highlights
The company is the only Indian arm of Indian Railways to provide Rolling stocks to overseas countries. The company has exported first DMU shed and 1st locomotive to Srilanka in Dec 18 quarter.
Order book stands at around Rs 6054 crore as on Dec 18 to be executed in 3 years. This includes consultancy orders of Rs 2268 crore and turnkey orders of Rs 2464 crore. Export orders within the total order book stands at around Rs 1168 crore.
Rs 600 crore of orders within exports are orders relating to coaches which will be executed in H2 FY 20.
Exports will increase going forward.
Rs 2500 crore of order inflow in 9 mths ended Dec 18.
The order inflow pipeline looks good. Expects order inflow in FY 20 also to be in similar line of FY 19 orders.
Dec 17 qtr had seen a reversal of Rs 18 crore of the provisions made in June 17 and Sep 17 qtr. So on 9 mths basis the figures are comparable but for the quarter margins for Dec 17 qtr is abnormal.
Consultancy segment which account for around 61% of total revenue grew by 28% YoY in 9 mths ended Dec 18.
Turnkey segment revenues which account for 24.4% of total revenues and stood at Rs 306 crore up 242% YoY.
Leasing income grew by 5% in 9 mths ended Dec 18 and stood at Rs 75 crore.
30-35% is average Ebidta margins in consultancy segment
15-18% margin in export consultancy business
Turnkey projects work on cost plus project basis where margins are around 2-3%.
Rs 1243 crore is the cash balance as on Dec 18.
5% of Net worth or 30% of PAT every year whichever is higher, remains as dividend policy for the company to comply with every year.
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