Great analysis and inputs… I had done some independent study 2 weeks back, but yours is far more comprehensive…Thanks for sharing!
Few queries:
-
From asset monetization perspective, do you have any ball park range estimate on how much the land in Pune and the 100% subsidiary company might fetch them when they decide to dispose it off? That should help further improve the debt profile and hopefully reduce the pressure of high cost of working capital loans that they will need to execute order book
-
With recent order wins in last 3 weeks, order book size has grown nicely. However, management has said that execution of order book is dictated by when customer wants the order to be delivered (presumably due to the lead time to complete lot of other activities before installation). So in this scenario FY24 revenue growth might not be great…If O&M orders kick-in, it might help improve overall revenue and little bit on the margin profile (since O&M margins are much higher)
-
International order book is low margin business for them compared to domestic one, so the international order revenue will have to be discounted accordingly
-
As per the Q4 presentation – approx half of there order book is for new turbine (S144). Do you have any inputs on how much of revenue and margin lift will this new turbine deliver over earlier models?
Thanks again for sharing your research, really helpful!
Disclaimer: Invested, currently at 1.5% of portfolio…may take it up to 5% based on execution progress
| Subscribe To Our Free Newsletter |
