The interest cost includes interest on working capital demand loan, interest on term loan, interest on mobilization advance, commission and finance charges. The borrowings have gone down, by using mobilization advances from customer. However ,the company have to pay interest on 50% of these mobilization advances so overall the interest payment stayed at same level or gone up as per prevailing interest rate.
The mobilization advances are not put under borrowing in balance sheet, but under other liabilities.
The snapshot from May 2023 concall:
The customer advances have increased a lot in recent years, snapshot from screener:
Also the interest rates have gone up from average of 8.7% in year 2021 to average of 10% in year 2023. Information available in all the concalls. the snapshot from Aug 2023 concall below:
.
The snapshot from Nov 2021:
The breakdown of the interest cost below from 1 of the concall for year 2022:
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