Key highlights

June 18 quarter saw lower execution. New contracts got opened. Ebidta margin was an aberration and was affected by higher raw material costs, job mix, new project start expenses etc.

Margins will pick up eventually as we move on in every quarter. Should be back to 12.5-13% going forward. Eventually margin should reach to around 14% in next couple of years as execution picks up further.

Strong order book of around Rs 1900 crore and decent L1 position. On track for a very decent growth.

80% of the order book is funded project i.e. either funded by central or state.

Rs 30-40 crore recovered from the old projects. Recovery is going strong.

As on date L1 position stands at Rs 600 crore.

Negligible slow moving projects

Receivable days stand at around 350 days as on June 18 which will come down by Mar 19.

Receivables stood at around Rs 395 crore on June 18 as compared to Rs 445 crore on Mar 18. Expects receivables to improve substantially going forward.

30% of total sales were exports in June 18 quarter. Exports account for 24% of total order book.

Other income in June 18 quarter includes forex gain of around Rs 1.8 crore as compared to Rs 10 lakh for June 17. Other income for FY 18 totally included forex gain of Rs 2 crore.

Overall strong execution will lead to higher sales and better margins and higher billings. Now expects QIP in next year depending upon market conditions. No need for immediate QIP required at this point of time.

Expects Rs 550 crore of net sales and margins of around 12.5% for FY 19.