MIS - During pre GST, the company use to pay 0 - 6% VAT while excise duty was nil. So it was on an avg. of 4-6%. In GST, it now pays 18%, but now it gets input credit. As such, the effective tax will be 12%.

To mitigate the rise in taxes, the company needed. 5-7% prices increase.

On MIS project business, GST is 12%, so it will be neutral taking input credit. GST impact is on retail business only.

Industry body made presentation to Govt, to bring down GST to 12%. If it comes down, then the company will bring down its price hike taken to mitigate rise in taxes.

For Piping business GST is neutral, also for food business and MIS project business. Only in retail MIS business is impacted.

As per mgmt, GST will help organized players. On long term basis, GST will help it to garner higher market share and higher margin. Over long term, GST is positive thing, but short term it will have impact.

MIS – the company have large amount of project order in hand.

MIS in Q1 – there was no project business while retail business was same as last year same quarter, while export was good.

Food business - From Diwali, domestic business will grow. This year raw Mangoes were procured at less price. The company has contract for processed mango, but will take 3-4 quarters to realize revenue.

Onion – low prices in Q1, help build inventory. Most of inventory will be sold in H2 FY18.

Piping business – little offtake by dealers impacted Q1. Also in project business, there was slow down as contractors were not sure how GST will impact project prices with the Govt. Now business is stabilizing.

Pipe business will mange double digit growth in FY18. Appreciating rupee and oil price stable, thus polymer price will be positive for the company.

Overseas business – did reasonably good. Expects double digit growth in FY18 and will remain profitable.

Employee cost increased- due to increment done last year. Going forward, in percentage term to sales it will go down, as business will grow much.

Deprecation up due to revaluation of assets in Ind AS.

India MIS – some states sales setback is temporary and will come in H2 FY18.

Maharashtra Sugarcane opportunity:- Positive impact of sugar business will flow only come from Q3/Q4 once sugar planting starts. Does not need capacity addition to service this demand. If these installations starts by late October-early November, it could be a Rs 2-3bn opportunity. In terms of working capital investment, the model for this will be similar to cash and carry

Margin in MIS – overall blended project business MIS margin at around 20-22%. 20-22% guided range for MIS margin.

Food – opportunity seeing in orange juice concentrate. Will start investment from H2 FY18. The company is also looking at spices. Plant to come in Q3 and revenue will come from Q4,

Frozen mango business – doing well. Couple of more products will be launch in Q3 and Q4. 100k retail store reach and have arrangement with 8 large retailers. As distribution becomes more robust, then from FY19 will see good numbers coming.

Additional Food products launches - building pipeline of products, including spices, which will also sold in retail stores.

Solar pump doing well, having pending orders from state Govt, Will grow 40% in FY18. Solar panel and solar street light is not focus business. Focus is on solar water pump which have big opportunities.

Expects net debt flat by March 2018 YoY..

Capex - Rs 300 crore in FY18

Interest cost will come down in H2 FY18.

Looking at debt: EBITDA of 3x by end of this year.

FY18 – robust year for MIS and high tech agri business. More business expected in H2 FY18 vs H1 FY18 in MIS.

FY18- expects revenue growth of 24% to Rs 8400 crore on consolidated basis. Looking at 25% EBITDA growth.