Key highlights

Order inflow for 9 mths stood at around Rs 600 crore. Aims order inflow of around Rs 900 crore by FY 19 as compared to around Rs 1200 crore of order infow expected earlier.

Order book around Rs 2050 crore as on Dec 18.

Mismatch in cash flows of existing and new projects affected Dec 18 quarter. Liquidity remained tight in Dec 18 quarter which affected the execution and topline.

Efforts on collection of money is going on

New projects have started to pick up pace but it will be gradual.

Expects to close the year with a high. But will not meet the guidance. Expects flat net sales growth in FY 19 as compared to earlier guidance of 15-17% growth.

Payments only started from Jan 19 onwards. Rawanda payments did not come in due to LC issues. PGCIL released funds only in mid Feb.

Srinagar and Hanumajgadh projects were slow in taking off. Srinagar will remain slow. Billing will be slow due to problem on the ground.

Cash situation was tight which impacted Dec 18 quarter

No near term recovery. Mar 19 and June 19 will remain tight. Recovery from Sep 19 onwards only

Credit downgrade. Crisil downgraded it from BBB to BB+.

Cost of funding is going to remain high.

Retention money from Bihar of around Rs 50 crore will be received in Dec 18 quarter.

Outstanding Receivables Rs 420 crore as on Dec 18. Receivable days stands at 390 days.