Q1FY25 Concall Summary
Business Updates
- Pending orderbook stands at Rs 810 crore as on June 2024
- Of total Q1 revenues Rs 8 crore was billed from Kheda plant and with the current plan in place this plant will bill Rs 175 crores in FY25
- The revenue from the acquired business “Mabel” will deliver revenues of Rs 50 crore for FY25
- The design operations at Vadodara is a 50 member team and the wish is to grow this to a bigger size
- With the current capacity in place the company can deliver revenues of approximately Rs 1000 crore
- The strategy to expand geographically to newer customers and countries will keep continuing
- For FY25 based on existing order book revenues should be Rs 700 crore with an EBITDA margin of 20% plus
Participants
Abakkus Asset Managers
Samasa Capital
Shubh Labh Research
QnA
- The pending orderbook should end FY25 at around Rs 900 crores
- The total capacity put together at all three plants should have a revenue potential of Rs 1000 crore with Mabel contributing Rs 50 crores
- Around end of CY25 will take a call on building phase 2 at Kheda and construction period is around 11 months for the same for constructing one additional bay
- Each new bay at Kheda shall cost Rs 40-50 crore and it should give an asset turnover of around 3-4 times
- On an annualized basis around 20-30% of the order execution is from hydrogen sector and of this majority will be exports to USA, Canada and NEOM project in Saudi Arabia
- The project for Saudi Arabia was the first time company executed a project in the green hydrogen space in Saudi Arabia
- The production will now be segregated as the Ahmedabad plant making heat exchangers only and the Kheda plant will make reactors, column and vessels
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