Mr. Srinivas Reddy delves deeper into the company’s performance and future projections:
Bloom Hot Boxes and Sheet Metal: In Q1, they produced 950 Yuma hot boxes with 32 electrolyzers. They have a clear dispatch plan from Bloom for the current financial year. In Q2, they plan to produce 418 Yuma hot boxes, 440 Yuma Santa Cruz hot boxes (an advanced version of Yuma), and 66 electrolyzers. In Q3, they aim for 1,144 Santa Cruz hot boxes and 44 electrolyzers. In Q4, they target 1,718 Santa Cruz hot boxes. They also anticipate new orders for electrolyzers by the end of the year.
Santa Cruz: This is an advanced version of Yuma that generates 65 kilowatts as opposed to Yuma’s 50 kilowatts. They’ve worked with Bloom over the past quarter to make design changes to increase the output of the Yuma unit.
Ebitda Percentage: They had given a guidance of 28% ± 100 basis points and continue to maintain this margin guidance for FY24. The EBITDA margin for this quarter is at 22.4% and is expected to improve quarter-on-quarter based on higher revenues.
Order Book: As of June 30, they have a closing order book of 1,078 crores. They received orders worth approximately 50 crores in the first quarter. They expect major orders from clean energy, nuclear space, and defense in the upcoming quarters.
Defense License: Their defense license has been cleared by the Ministry of Defense’s committee. They expect to receive the license by the next week, allowing them to supply directly to the Air Force, Navy, and associate with multinationals for major defense projects.
New Collaborations: They have two significant collaborations in the pipeline: Fluence Energy and Enerven. Fluence Energy is in the final stage of releasing a letter of intent for 1,000 units with prototypes, which will be executed in FY25. They expect to export to Asian countries, Australia, and New Zealand. They are also in discussions about establishing branches in Europe and the USA, which could generate substantial revenues for the company.
Energy Storage Systems: They are in discussions with two companies, Fluence Energy and Enerven. Fluence Energy is in the energy storage system sector and is close to releasing a letter of intent for 1,000 units with prototypes. Enerven uses nickel-hydrogen batteries instead of lithium, offering another exciting prospect in the energy storage system.
Product Development: They have submitted the first articles of Road exclusively to DRDO, which has been tested under various conditions. They are also supplying four different types of Electromechanical Actuators (EMAs) this financial year, amounting to about 7.5 crores. The business of EMAs will grow year-on-year. They are also starting a new product called “dielectrics” this quarter, which has a potential business of about 250 crores per year.
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