Conference Call Overview
• Date: May 21, 2024
• Purpose: Discuss audited financial results for Q4 and fiscal year ending March 31, 2024
• Key Participants:
• P.G. Jadeja (Chairman and Managing Director)
• Kamlesh Solanki (CFO)
• Maulik Gandhi (Company Secretary)
• Harshit Patel (Moderator from Equirus Securities)
Financial Highlights
• Q4 Performance:
• 19% revenue increase
• 39% rise in EBITDA margin
• 108% increase in PAT compared to Q3
• Year-on-Year Growth:
• 44% revenue growth
• PAT improved from a loss of INR 5 crores to a profit of INR 151 crores
• Order Book:
• Reached INR 3,438 crores
• Strong contributions from aerospace, defense, and general engineering sectors
Company Strategy and Market Outlook
• Mission: Enhance technology and quality of life
• Market Expansion:
• Entering the U.S. market
• Expanding presence in Europe
• Product Range:
• Mid-level machines (INR 50 lakhs to INR 2 crores)
• High-value machines (above INR 2 crores)
• Growth Engines:
• Aerospace and defense, EMS, electric vehicles, and semiconductors
• Workforce Development: Establishing a center of excellence for skill enhancement
Recent Developments
• Product Innovations:
• Advanced machines for aerospace and EMS
• Automated production systems
• Production Capacity Increase: From 4,400 to 6,000 machines by Q2 end
Q&A Highlights
• EMS Orders:
• INR 260 crores in orders for FY '24, with an additional INR 550 crores expected
• Defense Contributions:
• Projected INR 1,000 crores in orders for FY '25
• Order Execution:
• Order book of INR 3,400 crores expected to be executed in 1-1.5 years
• EBITDA Margin Guidance:
• Expected stabilization between 25% to 27%
Competitive Landscape
• Competitors:
• Competing effectively with Japanese manufacturers (Makino, Mazak) and others (DMG, Huron)
• Customer Base:
• Major clients include General Electric, Airbus, HAL, and ISRO
Future Projections
• Order Expectations:
• Anticipated INR 1,500 to INR 2,000 crores in orders from Huron
• Inventory Management:
• Improved from 320 to 236 days, targeting 160-170 days in FY '25
• Tax Rate:
• Projected consolidated tax rate of around 20% for FY '25
Conclusion
• The call reflected optimism about future growth driven by a strong order book and favorable market conditions in manufacturing and defense sectors.

Conference Call Details
• Date: February 16, 2024
• Participants:
• Parakram C. Jadeja (Chairman and Managing Director)
• Shivangi Lakhani (Executive Head of Corporate Communication)
• Maulik Gandhi (Compliance Officer)
• Moderated by Harshit Patel (Equirus Securities)
• Purpose: Discuss financial results for the quarter and nine months ending December 31, 2023.
Company Highlights
• IPO Success:
• 40x oversubscription indicating strong investor confidence.
• Company History:
• Founded in 1989, evolved into CNC machine manufacturing.
• Key milestones include acquiring Huron Graffenstaden and product development for aerospace and defense.
• Financial Performance:
• Revenue increased by 58% to 377 crores.
• EBITDA margin improved to 25%.
• PAT of 48 crores, marking a turnaround from previous losses.
Revenue Contributions
• Sector Breakdown:
• 43% from aerospace and defense
• 20% from automotive
• 18% from general engineering
• 13% from EMS
• Geographical Revenue:
• 58% from India, 42% from exports.
• Order Book:
• Strong order book of approximately 3,250 crores, with 55% from aerospace and defense.
Growth and Expansion Plans
• Debt Management:
• Repaid 475 crores post-IPO, aiming for a debt-free status in the coming years.
• Capacity Expansion:
• Plans to increase production capacity from 4,000 to 6,000 machines in 1.5 to 2 years.
• Investing in the France factory for larger machine production.
Q&A Highlights
• EMS Business:
• Increased orders from mobile manufacturers; confidentiality on specific clients.
• Aerospace Sector:
• Anticipated order book of over 500 crores.
• Market Outlook:
• Strong domestic market driven by government budgets and international orders.
• Product Development:
• New products in EMS include accessories for tablets and watches.
• Capacity Utilization Goals:
• Aim to reduce inventory days from 300 to 210-220 by year-end.
Competitive Positioning
• Market Share Goals:
• Aim to grow market share beyond overall market growth, focusing on import substitution.
• Pricing Competitiveness:
• Jyoti's products are 20-25% more competitive than Japanese counterparts.
• Huron Collaboration:
• Focus on high-value engineering projects, particularly in aerospace and defense.
Future Projections
• Huron Revenue Potential:
• Expected to reach €60 million at 90% capacity utilization.
• Profitability Expectations:
• Anticipated EBITDA margins exceeding 20% at optimal capacity.
Conclusion
• Commitment to Growth:
• Emphasis on enhancing manufacturing capabilities and maintaining investor trust.