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BGR Eenrgy held a conference call to disucss its performance for the quarter/fiscal ended March 2013. In the conference call the company was represented by VR Mahadevan, Director (Technology & HR); K Chandrasekar, Director (Projects) and Eswarkumar, President & CFO of the company.
Key takeaways of the conference call
Order book of the company excluding that of Darlipalli NTPC turbine order, is around Rs 11000 crore of which power projects is Rs 10334 crore and balance are Capital Goods. Of the Capital Goods orders Rs 454 crore is Electrical projects, Rs 118 crore is Air Fin Coolers, Rs 78 crore is Environmental Engineering and Rs 16 crore is Oil & Gas. In addition the company is also L1 for one BoP orders worth Rs 1500 crore for a project in Orissa. Current order book of Rs 12500 crore including L1 order gives a revenue visibility for 4 years.
Of the power project order book the NTPC orders is about Rs 7200 crore, TRN & Krishnapatnam is Rs 1300 crore, Marwa & Chandrapur is Rs 670 crore and Jalwar is Rs 120 crore.
| Sales Mix - Project wise and product contribution |
|
FY2012-13 |
Q4FY13 |
| Mettur & Jalawar |
630 |
130 |
| Chandrapur & Marwa |
850 |
225 |
| Krishnapatnam |
750 |
280 |
| TRN |
550 |
300 |
| Total Projects Revenue |
2780 |
935 |
| Products |
326 |
|
| Total Sales |
3106 |
|
| Sales figures in Rs crore |
Expects a revenue growth of 22-25% for FY14 as per the project execution. The margin should be in the region of 11-12%.
Working capital loan stood at Rs 2150 crore as end of March 2013 and the long term loan was just Rs 20 crore. The company expects a reduction of Rs 300-350 crore in working capital limits by end of current fiscal.
The JV boiler plant is expected to commence operation by Q4CY14 and that of TG plant by Q2CY15. The company is confident of continuity of the JV with Hitachi. The JV partners will participate in future orders as well.
Current year the focus of the company will be predominantly on BoP opportunities. The company has identified certain projects which are free of any issues like coal linkage, approval issues, land etc. These orders amounts to 12000 crore or 5900 MW. Of these barring two all are BoP orders. Moreover all these projects are from state and central sector projects and expect all these orders to be finalized within current fiscal.
Retention money in ongoing projects is Rs 1250 crore and that in completed projects was Rs 350 crore.
The company expects the LoA for the L1 orissa order by June 2013.
Not aware of NTPC rebidding for Darlipalli project.
Unit of Jalwar may get synchronized at any point of time.
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