Summary of Key Points from Q1 FY25
Financial Performance
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Strong Q1 performance with positive EBITDA, PBT, and PAT for the second consecutive quarter
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Revenue guidance maintained at INR 8,000 crores+ with significant execution pickup expected in the second half of the fiscal year
Order Book and Execution
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Secured new orders worth INR 2,170 crores, including significant projects in South Africa and India
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Order book mix: 70-80% domestic, 20-30% international
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Peak working capital needs can reach 45-50% of project value, but this is temporary
Margins and Growth
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Gross margin expected to hover around 10% for both domestic and international projects
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O&M portfolio expanded to 8.2 GW, with margins expected to stabilize around 23%
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Anticipates significant revenue growth in the next few years, potentially doubling in 4 years
Debt and Liquidity
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Net borrowing decreased sequentially, with the company aiming to utilize indemnity payments for debt repayment
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Interest costs expected to decrease significantly due to recent rating upgrade
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Working on improving credit limits and reducing overhead costs
International Business
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Selectively pursuing international projects, with a focus on markets like Africa and Europe
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Implemented safeguards to prevent past issues, including diversifying module suppliers and securing bank guarantees
Specific Projects
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Nigeria project expected to close this financial year, with execution starting in the next
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Reliance pilot project underway, with larger projects to follow
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Anticipates a mix of solar and battery storage projects with Reliance
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