Key Highlights

Of the total sales for Mar 19 qtr, Rs 197 crore is from erecting, Rs 243 crore from civil Rs 153 crore from O&M and rest electrical Rs 60 crore. For the quarter ended Mar 18, Rs 221 crore is from erecting, Rs 119 crore from civil, Rs 130 crore from O&M and rest electrical Rs 17 crore.

Of the total sales for 12 mths ended Mar 19, Rs 744 crore is from erecting, Rs 842crore from civil, Rs 566 crore from O&M and rest electrical Rs 104 crore. For the 12 mths ended Mar 18, Rs 648 crore is from erecting, Rs 343 crore from civil Rs 517 crore from O&M and rest electrical Rs 34.5 crore.

Exports were around Rs 100 crore in Mar 19 quarter, lower by 20% YoY. While exports to African countries are increasing, exports were lower in countries like Middle East, Oman, Saudi etc.

Also there has been a change in the mix of doing business wherein the cost of material costs in expenses is increasing as more and more Civil and Erection works increases.

For 12 mths ended Mar 19, domestic would be around 77% and rest would be international sales.

Order book as on Mar 19 stood at Rs 7407 crore as compared to Rs 4267 crore on Mar 18. This provides a strong revenue visibility for next 3 years. Around 50% of order backlog pertains to Erection orders, 30% is from Civil, 13% is from O&M and rest 6% is electrical.

Order inflow in FY 19 stood at around Rs 5390 crore as compared to order inflow of Rs 2150 crore in FY 18. Around 63% of order inflow pertains to Erection orders, 18% is from Civil, 13% is from O&M and rest 6% is electrical.

Power accounts for around 44% of order backlog and rest is non power. Of the order inflow, power is only around 22% and rest 78% is non power.

Within non power, construction, railways, infrastructure, metros, irrigation, refineries, oil and gas, pipelines, electrification etc are driving the growth. Railway account for around 11% in non power space in FY 19.

BHEL would be around 18% of total revenues as compared to more than 33% 2 years back.

Around 68% of total revenues for FY 19 are from non power and rest is from power.

No presence in renewable energy space at all.

Slight working capital requirements got stretched due to elections and general state of the economy. Expects working capital to improve going forward.

Confident of debt levels remaining at same level or may increase by around Rs 50 crore or so.

Expects around 20-22% growth in net sales in FY 20. Expects better margins in FY 20

Rs 24000 crore of opportunities of orders for the coming year. The company will be selective in order booking going forward.

No major capex aimed going forward.