Submission Details
• Date of submission: May 24, 2024
• Compliance with SEBI regulations confirmed
• Transcripts available on the company's website
• Call held on May 21, 2024
• Key personnel included:
• Ms. Kavita Shirvaikar (Whole-Time Director and CFO)
• Mr. Rahul Agarwal (Head of Strategic Finance)
• Mr. Aditya Bajaj (Investor Relations)
• Moderated by Ms. Vaishnavi Ambokar (Kirin Advisors)
Economic and Sector Insights
• Focus on Indian economy and infrastructure sector
• Government commitment to infrastructure as a growth driver
• Emphasis on renewable energy, particularly hydropower (45% of 18 GW projects)
• Significant government funding for irrigation and water resource management
• Anticipated surge in order inflow post-elections
Financial Highlights
• Full-year revenue increased by 17% to INR 4,544.11 crores
• Net profit rose by 71% to INR 264.10 crores
• Improved debt position with reduced net serviceable debt
• Cash balance increased to INR 338.7 crores
• Working capital debt at approximately INR 1,100 crores
• Finance costs decreased to INR 93 crores in Q4 FY'24
Operational Achievements
• Inauguration of the Sela Pass Project (India's highest tunnel)
• Robust order book of INR 18,600 crores (61% from hydropower)
• Diluted EPS rose from 2.23 in FY'23 to 3.54 in FY'24
• Anticipated revenue growth of 10-15% in FY'25 and 20-25% in FY'26
Q&A Session Insights
• Credit receivables of INR 554 crores discussed
• Management confirmed order book of over INR 18,000 crores
• Targeting an order book of INR 25,000 crores by FY'25
• Plans to reduce term debt by INR 200 crores this year
• Strategic investment in a tunneling startup (10% stake)
Debt and Financial Management
• Current debt at INR 1,880 crores
• Working capital cycle improved from 250 days to 180 days
• No immediate plans for further equity dilution
• Expected annual arbitration receipts of INR 200-300 crores
Future Outlook
• Anticipated revenue growth of 10-15% for FY'25, increasing to 20-25% in FY'26
• Optimism about government projects in irrigation and hydropower
• Plans to monetize land bank valued at approximately INR 1,000 crores post-elections
Conclusion
• Management expressed confidence in maintaining margins and managing debt effectively while pursuing new projects.

Submission Details
• Date of submission: February 15, 2024
• Compliance with SEBI regulations confirmed
• Transcripts available on the company's website
• Call hosted by Kirin Advisors on February 12, 2024
• Key personnel included Mrs. Kavita Shirvaikar (Whole Time Director and CFO)
Financial Performance Highlights
• Q3 FY2024 Results:
• Revenue increased by 11% year-on-year to Rs. 1,061.01 Crores
• Net profit surged by 260% to Rs. 70.24 Crores
• Order Book:
• Current order book stands at Rs. 19,000 Crores
• Focus on hydro projects, irrigation, and tunneling
• Future Growth:
• Expected revenue growth of around 15% in coming years
• Anticipated government spending and project bids post-elections
Key Discussion Topics
• Pump Storage Projects:
• Anticipation of numerous small hydro projects costing Rs. 3 to Rs. 5 Crores per megawatt
• Land Parcel Monetization:
• Cautious approach with preference for upfront cash offers
• Debt Management:
• Aim to maintain debt levels with an average interest rate of 11% to 11.5%
• Operating margins expected to remain stable at 13% to 14%
Arbitration and Future Financing
• Expected realization of Rs. 150 to Rs. 200 Crores from arbitration awards by March
• Potential Qualified Institutional Placement (QIP) of up to Rs. 500 Crores post-elections
• Current promoter holding at 39.5%
Future Expectations
• Anticipated order inflows primarily post-elections
• Significant arbitration award of Rs. 52.88 Crores expected within the next year
• Focus on domestic projects with some strategic projects in Nepal
• Optimistic outlook for FY2025 with expected growth rates of 15% to 20%
Inquiries and Responses
• Clarification on international arbitral tribunal award and costs incurred
• Capacity to increase order book by 15% to 20% in the coming year
Conclusion
• The call concluded with closing remarks from Vaishnavi Ambokar, emphasizing the company's optimistic outlook and strategic focus on growth.

Submission Details
• Date: November 7, 2023
• Transcripts submitted to BSE and NSE
• Compliance with SEBI regulations
• No unpublished price-sensitive information discussed
• Key management present:
• Ms. Kavita Shirvaikar (CFO)
• Mr. Rahul Agarwal (Head of Strategic Finance)
• Mr. Aditya Bajaj (Investor Relations)
• Moderated by Mr. Gopal Chandak (Kirin Advisors)
Financial Performance Highlights
• Q2 FY24 Results:
• Consolidated revenue: INR 1,021.3 crores (up 23%)
• Net profit: INR 32.2 crores (up 63.4%)
• Stand-alone revenue: INR 1,012.11 crores (up 24.2%)
• Stand-alone net profit: INR 41 crores (up 168%)
• Order Book:
• Current order book: INR 20,000 crores
• Major projects: Dibang multipurpose hydropower project (INR 3,637 crores)
• Hydropower: 60% of order book; 45% of ongoing projects in India
• Irrigation: 21% of order book, expected growth due to government initiatives
Financial Outlook
• Positive outlook for Q3 and Q4 FY24
• Expected revenue growth: 15% to 20% year-on-year
• Anticipated order book growth: 8% to 10%
• Concerns about margin drop due to higher costs during monsoon
Debt and Financial Management
• Consolidated gross debt: INR 1,992 crores
• Debt-to-equity ratio: 0.67
• Finance costs decreased to INR 91.6 crores
• Plans to reduce debt by INR 200 crores by year-end
Q&A Session Insights
• Order Book Projections:
• Management expects some delays due to elections
• Subansiri Hydroelectric Project:
• On track despite rainfall delays
• Vivad se Vishwas Scheme:
• Estimated realization of INR 150-200 crores
• Geographic Expansion:
• No current plans; focus on existing work in India
• Cost Efficiency:
• Monitoring systems in place; strong order book in hydro segment
Renewable Energy Landscape
• Emphasis on hydropower's significance in India
• Average borrowing cost: 11%-11.5%
• Exploring funding from institutions like IREDA, REC, and PFC
Conclusion
• Management remains optimistic about future growth and order inflow post-elections
• Encouraged further questions via email for additional clarifications.

Submission and Compliance
• Date of submission: August 16, 2023
• Call date: August 10, 2023
• Compliance with SEBI regulations confirmed
• Transcript available on the company's website
• No unpublished price-sensitive information shared
Economic Context and Company Performance
• Global economy recovering; India's GDP growth at 7.2% for FY2022-2023
• Government infrastructure spending supports growth towards a $5 trillion economy and net-zero emissions by 2070
• Sale of 41% stake in a subsidiary improved financial position
• Credit rating upgraded to Triple B Plus
• Significant project progress in Jammu, Kashmir, and Nepal
• New contracts secured worth ₹1,320 crores
• Financial results:
• Revenue rose 24% to ₹1,118.6 crores
• Net profit increased by 22.5% to ₹38.28 crores
• Order book stands at ₹20,000 crores, focusing on hydropower and irrigation
Growth Outlook and Q&A Highlights
• Growth target of 15-20% confirmed
• Plans to bid on projects worth approximately ₹1,00,000 crores in hydropower
• Expected new orders of ₹5,000 to 10,000 crores in upcoming quarters
• Debt reduction strategy includes operational cash flow and asset monetization
• Current debt at ₹1,955 crores, with a conservative reduction target of ₹200 crores for the year
Project Execution and Financial Management
• Execution rates on track with growth projections
• EBITDA margins maintained around 14-15%
• Long-term revenue guidance of 15-20% growth based on order book
• Order book expected to be executed over four to five years
Shareholder and Workforce Considerations
• Dividends not feasible currently due to reinvestment needs
• Workforce increased from 1,500 to 4,600 post-COVID
• Focus on expanding into water segments while maintaining core projects
Additional Inquiries and Clarifications
• Loss from discontinued operations explained as contingent liabilities
• Recovery timeline for a ₹1,254 crore arbitration award estimated at 3-4 years
• Annual capital expenditure run rate of ₹100 to 150 crores for new equipment
• Closing remarks by Gopal Chandak concluded the call.

Submission Details
• Date of submission: May 19, 2023
• Conference call date: May 15, 2023
• Platforms: BSE Limited and National Stock Exchange of India
• Transcript availability: Company website
• No unpublished price-sensitive information shared
Key Management Personnel
• Ms. Kavita Shirvaikar (CFO)
• Mr. Rahul Agarwal (Head of Strategy & Finance)
• Mr. Aditya Bajaj (Investor Relations & Marketing)
• Moderator: Ms. Supriya Madye (Kirin Advisors)
Financial Performance Highlights
• Strong performance despite global economic challenges
• Record order book: Rs. 20,000 crore
• New orders: Rs. 4,560 crore (hydropower and irrigation)
• Q4 FY '23 revenue: Rs. 1,298 crore (up 16.77%)
• Full-year revenue: Rs. 4,201 crore (up 24%)
• Q4 net profit: Rs. 84 crore (up 298% YoY)
• Full-year net profit: Rs. 154 crore (up 181%)
• Debt reduction: Rs. 500 crore
Operational Metrics
• Q4 FY '23 standalone operating EBITDA: Rs. 176 crore (14.8% margin)
• Revenue breakdown: Hydro (57%), Irrigation (16%), Tunnels (15%), Roads & Others (12%)
• Improved credit rating: Triple B with a positive outlook
• Consolidated EPS: Increased from 1.51 to 3.19
• Debt-to-EBITDA ratio improved from 4.29 to 2.28
Q&A Session Insights
• Arbitration awards: Expected realization of Rs. 200 crore from non-core assets
• FY '24 guidance: 15% revenue growth, margins of 14-15%
• Focus on core sectors: Micro irrigation, tunneling, hydropower
• Order inflow target: Rs. 25,000 crore, 12-15% growth in order book
• Debt reduction expectations: Rs. 200 crore decrease by FY '24
Project Updates
• Subansiri Lower Hydroelectric Project: First unit expected by June
• Joint venture with GR Infra for Dibang Hydroelectric Project
• Payment schedules to be clarified upon receiving the Letter of Intent
Land Monetization and Financial Strategy
• Land bank valued at Rs. 1,000 crore, plans to monetize 2,150 acres
• Projected net reduction of around Rs. 200 crore in debt
• Anticipated monetization of Rs. 80-100 crore from land sales in FY '24
Concerns and Future Outlook
• Low PAT margin of 3.68% for FY '23 despite healthy EBITDA margins
• Potential for improved PAT margins with reduced interest costs
• Ongoing arbitration claims totaling Rs. 1,200 crore, expected to take 2-3 years for cash realization
• Conservative growth guidance of 15% for the next two years
Conclusion
• Management expressed confidence in achieving growth targets while remaining cautious
• Emphasis on core EPC business and avoiding past diversifications that led to difficulties
• Future discussions planned on land monetization strategies and financial outlook.

Key Highlights
• Date of Call: February 8, 2023
• Transcript Submission: Submitted to BSE and NSE on February 13, 2023
• No Unpublished Price-Sensitive Information: Confirmed during the call
Financial Performance
• Consolidated Revenue: ₹10,369.77 million (18.11% year-over-year increase)
• Net Profit: More than doubled to ₹194.83 million
• Order Book: Stood at ₹16,809 crores, with a focus on the hydro sector
Future Outlook
• Growth Drivers: Increased infrastructure spending and a robust project pipeline
• Rights Issue: Raising ₹3,250 million to reduce debt and meet working capital needs, with confirmed promoter participation
Promoter Participation
• Share Sales: Promoters sold shares to inject capital, which will be converted into equity under the rights issue
• Rights Issue Clarification: Aiming to raise ₹325 crores based on current and expected order book
Asset Monetization
• Land Sales: Approximately ₹60 crores received; ongoing discussions for further transactions
• Non-Core Assets: Expected realizations of ₹1,800-2,000 crores from claims and land sales over time
Financial Concerns
• Increasing Expenses: Attributed to revenue growth and necessary expansions
• Debt Situation: Current cost of debt around 11-11.5%; efforts to improve credit rating for lower interest rates
Margin Guidance
• Expected Margins for FY23: Between 14% to 15%
• Use of Rights Issue Proceeds: 25% for general corporate purposes, remainder for debt repayment
Growth Plans
• Future Growth Focus: Hydropower, tunneling, and railways
• Order Book Target: Increase from ₹16,800 crores to ₹20,000 crores
Conclusion
• No New Orders: Reported for the quarter
• Net Cash Inflow: Confirmed at ₹200 crores, with ₹130 crores already infused by promoters