Earnings Call Overview
• Date: June 3, 2024
• Communication to BSE and NSE on June 7, 2024
• Key Management: Chairman Pandurang Dandawate, Managing Director Tanvi Auti
• Focus: Audited financial results for Q4 FY 2024
Financial Highlights
• Q4 FY 2024:
• Total Income: INR 25 crores (15% YoY increase)
• Profit After Tax (PAT): INR 43 lakhs (410% rise)
• Full Fiscal Year:
• Total Income: INR 82.41 crores
• PAT: INR 5.89 crores (22.77% increase)
Company Achievements
• Secured multiple Letters of Award (LOAs) for significant infrastructure projects
• Established a subsidiary in the UK
• Plans for international market expansion targeting large-scale projects
Order Book and Future Projections
• Current Order Book: INR 627 crores (INR 350 crores unexecuted)
• Expected completion of unexecuted orders: 2.5 to 3 years
• Projected growth for FY '25 and '26: 10% to 20%
• Order book target: INR 1,000 to 1,200 crores
Operational Insights
• Actively hiring to manage increasing order book, especially for government projects
• No current exports; targeting international projects in Gulf and Southeast Asia
• Working capital cycle: 45-120 days depending on project type
• Sustainable EBITDA margin: 18%
Payment and Financial Management
• Payment timelines: 45-60 days for NHAI, 90-120 days for MoRTH
• Digitalization improving tracking and resolution of payment issues
• ECL provision for Q4: approximately INR 1.8 crores
International Projects and Bids
• Awaiting work orders for projects in Tanzania, Mozambique, and Ghana
• Prequalification for a project in Dhaka valued above INR 20 crores in proposal stage
Conclusion
• Call concluded with an invitation for further queries via email.

Earnings Call Overview
• Date: February 21, 2024
• Focus: Unaudited financial results for Q3 and nine months ending December 31, 2023
• Key Speaker: Managing Director Tanvi Auti
Financial Highlights
• Total income increased by 2.1%
• EBITDA rose by 94.33%
• Net profit increased by 48.46% for Q3 FY24
• Current order book valued at INR 350 crores
Project Updates
• Secured projects worth INR 126 crores across various states
• Plans for a subsidiary in the UK to manage international projects
• Initial project mobilization takes three months; billing starts immediately
Revenue Expectations
• Anticipated revenue from a delayed traffic survey project in Q4 (INR 4 crores)
• Significant Q4 revenue increase expected due to project completions
Competitive Landscape
• Identified competition from private companies; Artefact Projects does not compete directly
• Recent promoter share sales clarified as unwinding of warrants, not a lack of confidence
International Expansion
• Actively bidding for international projects, including a INR 20 crore project in Nepal
• Larger projects in Eastern Africa funded by international banks to mitigate currency risks
Operational Insights
• Order book completion timeline: 2.5 to 3 years
• Focus on larger projects (INR 50 crores and above) and international markets
• Largest current project: Ganga Expressway (50% complete)
Strategic Focus
• Prioritizing projects above INR 10 crores and international assignments
• Recent hiring of a general manager for finance; stable leadership
Risk Management
• Potential impact of government policy changes noted
• Strategy to diversify client base and geographical presence to mitigate risks
• Projected year-on-year revenue growth of 10-15% with EBITDA margins of 15-20%
Future Goals
• Targeting an order book of INR 1,000 crores over the next 10 years
• Emphasis on securing large international orders to meet targets
Closing Remarks
• Invitation for further inquiries via email from Vaishnavi Ambokar

Earnings Call Overview
• Date: November 10, 2023
• Transcript shared with BSE and NSE on November 17, 2023
• Discussed unaudited financial results for Q2 and half-year ending September 30, 2023
Key Highlights
• Revenue Growth: Significant growth reported despite a 10% decline due to project closures and seasonal impacts.
• Order Book: Robust unexecuted order book of ₹340 crores.
• EBITDA and Profit Margins: Improved margins reported.
Business Model
• Services include:
• Design and engineering
• Project management consultancy
• Advisory services across infrastructure sectors
Project Insights
• DPR vs. Project Management: Clarified roles in project planning and contractor supervision.
• Growth Drivers: Increased orders from NHAI and Ministry of Road Transport and Highways.
• International Expansion: 75 tenders submitted in Africa and Southeast Asia.
Market Potential
• Indian Infrastructure Market: Significant growth potential highlighted, with government development vision for 2047.
• Current Projects: Involvement in 12 expressways, with nine under construction.
• Future Goals: Aim to double order book from ₹500 crores to ₹1000 crores in five years.
Risks and Confidence
• Manpower Shortages: Acknowledged risks due to high demand in the sector.
• Business Development: Confidence in strong team and government relationships.
• Quality Commitment: Focus on high-quality service delivery and timely project completion.
Financial Projections
• Margin Expectations: Anticipated sustainable margins of 30% for DPR services and 15-20% for project management consultancy.
Bidding Process
• Scoring System: 80% technical score, 20% financial score.
• Bid Success: Increased success rates over the past four years.
• Capacity: Employs 340 engineers, capable of handling 30 projects annually for NHAI.
Additional Information
• Working Capital Cycle: 90 to 120 days.
• Future Fundraising: Any future fundraising will be disclosed to the exchange.
• Closing: Invitation for further queries via email.

Earnings Overview
• Date of Call: August 17, 2023
• Net Profit: Doubled to ₹85 lakhs
• Total Income: ₹11.51 crores
• EBITDA: Increased by 89% to ₹2.76 crores
• Current Order Book: ₹250 crores
Growth Potential
• Sector: Strong growth in infrastructure consultancy due to government allocations.
• International Expansion: Potential projects in Cambodia, Bangladesh, and Zambia.
• Talent Acquisition: Focus on hiring fresh graduates and promoting existing staff.
Management Insights
• Pandurang Dandawate:
• Projects 20-25% top-line growth.
• Optimistic about improving EBITDA margins.
• Highlighted acquisition of Bengaluru-Vijayawada Economic Corridor project.
• Rajesh Sindhav:
• Addressed concerns about declining margins due to a lengthy working capital cycle.
• Emphasized improvements in quarterly performance.
Project and Market Strategy
• New Projects: Secured 13-14 new projects in the current financial year.
• International Market Entry: Plans to acquire a consultancy firm in Arabian countries.
• Core Focus: Continued emphasis on highway consultancy, avoiding diversification into non-viable sectors.
Financial Projections
• Order Delivery Timeline: Typically spans 72 months.
• Executed Order Book: Approximately ₹270 crores, to be completed in three years.
• International Orders: Projected EBITDA margins of 30-40%.
Capacity and Margin Outlook
• Execution Capacity: Business model relies on rental agreements for equipment and manpower.
• Margin Stability: Expected stabilization around 14-15% annually with new accounting practices.
• Future Financing: Plans for financing acquisitions through an ongoing preferential issue.
Conclusion
• The call concluded with appreciation for participant questions, highlighting the company's optimistic outlook and strategic plans for growth.

Company Overview
• Date of Communication: May 19, 2023
• Earnings Call Date: May 16, 2023
• Key Management: Managing Director Tanvi Auti and General Manager of Finance Rajesh Sindhav
• Focus Areas: Infrastructure consultancy, particularly highways, bridges, and tunnels.
Financial Highlights
• Q4 FY2023 Performance:
• Revenue increased from Rs. 75 crores to Rs. 81 crores (8% growth).
• Record order inflow of over Rs. 150 crores for FY2022-FY2023.
• Unexecuted order book stands at Rs. 230 crores.
• PAT decreased by Rs. 93 lakhs due to rising costs.
Growth Opportunities
• Government Initiatives:
• Significant capital expenditure of Rs. 10 lakh crores for FY2024, focusing on roads and railways.
• Anticipated increase in order book for FY2024 and FY2025.
• International Projects: Actively bidding for projects in Tanzania and Nigeria.
Order Book and Revenue Realization
• Current Order Book: Rs. 799 crores, with a success rate of 22-25% expected.
• Revenue Growth: Modest growth attributed to the time required for revenue realization from new projects.
• Future Expectations: Revenues from the Rs. 150 crores order book expected to materialize in FY2024.
Operational Insights
• Employee Costs: Increased by 10%, impacting overall profitability.
• Capital Expenditures: Major investments completed; no further capex planned for the current year.
• Service Offerings: Revenue breakdown includes 15% from Detailed Project Reports, 70% from supervision, and 5% from advisory services.
Competitive Landscape
• Market Position: Facing intensified competition with margins around 10-11%.
• Targeting Higher Margins: Focusing on projects funded by the World Bank, which offer margins of 25-40%.
• Technical Capabilities: High scoring in bids helps maintain a competitive edge.
Conclusion
• Future Outlook: Optimistic about growth opportunities, particularly with upcoming government initiatives and potential doubling of the order book and profits.

Earnings Call Overview
• Date: February 16, 2023
• Communication to BSE and NSE on February 20, 2023
• Discussion of unaudited financial results for Q3 and nine months ending December 31, 2022
Financial Performance
• Revenue Growth: 10% increase to INR 60.16 crores for nine months
• Profit Decline: 22% decrease in profit after tax due to rising costs
• Order Inflow: Strong new orders totaling INR 130 crores, leading to an order book of INR 500 crores
Concerns and Insights
• Stagnant Revenue Growth: Marginal increase from INR 75 crores to INR 80 crores over the past year
• Project Delays: Slow growth attributed to government project budget delays and monsoon impacts
• Future Revenue Expectations: Anticipation of significant revenue improvement in Q4
Order Book and Bidding
• Unexecuted Order Book: Doubled to nearly INR 300 crores
• International Projects: Aggressive bidding expected to triple unexecuted order book in three years
• Bid Scrutiny: INR 700 crores in bids submitted with a 20% expected success rate
Company Structure and Operations
• Consultancy Focus: Operates solely as a consultancy, distinct from construction firms
• Employee Structure: Long-term permanent staff in admin roles; majority contract-based on-site employees
• Diversification: Focus on core sectors and international opportunities, particularly in Solid Waste Management
Competition and Market Position
• Competitors: Firms like Deloitte and RITES, with differing focuses
• Order Book Growth: Target to grow from INR 500 crores to INR 1,000 crores by FY ’25
• Sustainable Margins: Typically range from 10% to 15%, with seasonal variations
Future Guidance
• Order Book Projections: Expected stable increase to INR 500 crores due to upcoming infrastructure development
• Margin Improvement: Shift focus to international projects with higher margins (30%+)
• Talent Recruitment: Strong in-house recruitment team; no challenges in attracting skilled professionals
Infrastructure Opportunities
• Tender Opportunities: INR 10 lakh crores in tenders expected in the next two years, mainly in highways
• Current Order Composition: 60% from NHAI and 30% from MoRTH
• Geographical Expansion: Presence across 28 states in India, focusing on the Northeast region
International Assignments
• Margin Impact Timeline: Significant effects expected in six to seven years
• Project Duration: Bids take eight to nine months to convert into orders; construction phase can last up to three years
• Recent Projects: Secured INR 10 crores for 24/7 traffic surveys in three states
Closing Remarks
• Concluded with thanks from Vastupal Shah, inviting further queries.