Reverse Merger- Sangam Advisors

Q1FY24 (Aug 2023) Concall Notes:

• Into EPC, O&M (capacity: 490 MW) and the Independent Power Producer IPP business (capacity:20 MW).
• Orderbook- 856 MW
• Executed 96 MW in Q1
• Received order of 136 MW in the quarter
• 36% increase revenue, EBITA 12% (Sustainable margin 12-15%)
• EPC Business margin at 12-15% and O&M margin is 30-35%
• Currently Doing 490 MW in O&M (3-4 Lakh/MW → 14.7-19.6Cr, revenue 5% of Revenue)
•10-15% project modules are procured from parent company.

-Holding small quantity, wanted to add more but do not give confidence that Management can execute 800+ MW that they have guided for. My Estimation- Company will execute 450 MW Max, (not 800+ what management is guiding) Last year FY23 they executed only300MW

FY23:
Rev: 351Cr (300MW executed)
EBITA: 84 Cr (24% margin)

FY24
Case1: As per Management
Rev: 900-1000Cr (if executed 800+ MW )
EBITA: 120-150Cr (Management guidance of 12-15% margin)

Case2: As per current execution rate
Rev: 600Cr (if executed 450+ MW )
EBITA: 72-90Cr (Management guidance of 12-15% margin)

Disclosure- Holding small quantity