Agarwal Industrial Corporation Limited Q4 FY24 Earnings Conference Call Summary
Operational Performance
• Anticipated revenue growth of 15% to 20% in Q2.
• Projected EBITDA per ton for FY25 and FY26: INR 3,800 to 3,900.
• Maintained top line compared to the previous year despite decreased total realizations.
• Red Sea issues do not impact operations; sourcing from Gulf countries.
Future Expectations
• Exploring capital expenditure opportunities while balancing debt and equity.
• Optimistic about meeting market demand and sustaining growth.
Infrastructure Growth Confidence
• Confidence in infrastructure growth over the next 3-5 years.
• No concerns about volume growth despite potential political changes.
Vessel and Tonnage Projections
• Expected increase in tonnage handled by own vessels: from 2.9 lakh tons to 3.5-4 lakh tons.
• One vessel had limited availability this year.
• Anticipated 65% to 70% capacity utilization from own vessels, considering seasonal demand.
Import Volumes
• Slight market share reduction in imports, but overall import volumes have increased.
• Expecting higher volumes in the first quarter compared to previous years.
Conclusion
• Call concluded with gratitude to participants and a summary of key points discussed.

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Agarwal Industrial Corporation Limited Q3 FY2023 Earnings Call Summary
Company Performance
• Revenue Growth: 45.42% year-over-year, reaching INR 553.90 crores.
• EBITDA Increase: 19.18% rise.
• Profit After Tax: Increased by 22.37%.
Strategic Initiatives
• Integrated Infrastructure: Fleet of marine vessels and storage terminals supporting bitumen products.
• Road Development Budget: Expected to drive demand for bitumen, aligning with growth strategy.
• Volume Growth Target: Aiming for 550,000 to 600,000 tonnes in the next financial year.
• Expansion Plans: Focus on increasing presence in northern India.
Operational Improvements
• Payment Cycle: Improved cash collections averaging 20-25 days.
• Turnover Cycle: Now around 20-30 days.
• Bitumen Volume Growth: Achieved approximately 114,000 tonnes in Q3 FY21, a 13% increase over the previous year.
Logistics and Profitability
• Transport Method: 25% of bitumen volumes transported using own vessels; remainder via third-party logistics.
• EBITDA per Tonne: Current EBITDA from standalone trading is around Rs. 1,500 to Rs. 1,700 per tonne.
• Future Vessel Utilization: Increasing number of vessels could raise company logistics percentage to 35-40%.
Market Insights
• Bitumen vs. Cement: Bitumen remains the primary material for NHAI contracts; no significant shift towards cement.
• Alternative Materials: Ongoing trials with bio-bitumen and rubberized tires still require bitumen.
• Client Base: Primarily consists of government contracts; no decline in market share.
Financial Stability
• Debt Profile: Indicated a stable long-term debt situation.
• Future Vessel Acquisitions: Dependent on market opportunities.
Conclusion
• The call concluded with gratitude expressed to participants and an invitation for further questions.