{"id":155584,"date":"2023-11-01T07:00:40","date_gmt":"2023-11-01T11:00:40","guid":{"rendered":"https:\/\/44.250.171.167\/?p=155584"},"modified":"2023-11-01T07:00:41","modified_gmt":"2023-11-01T11:00:41","slug":"praj-industries-ltd-q2-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/praj-industries-ltd-q2-fy24-earnings-conference-call-insights\/","title":{"rendered":"Praj Industries Ltd Q2 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Praj Industries Ltd (PRAJIND) Q2 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Order Book and Outlook<\/strong>\n<ul>\n<li>Total order book for Q2 was INR10.63 billion, with 71% from domestic market.<\/li>\n<li>Share of order book &#8211; Bioenergy 68%, Engineering 22%, PHS 10%.<\/li>\n<li>Backlog as of Sep 2023 stood at INR39.6 billion comprising 74% domestic orders.<\/li>\n<li>Positive business outlook across all segments.<\/li>\n<li>Higher execution in coming quarters can expand margins.<\/li>\n<li>Increased top line should lead to margin expansion.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Segment Performance<\/strong>\n<ul>\n<li>Bioenergy accounted for 79% of Q2 revenue, while Engineering 15% and PHS 6% of Q2 revenue.<\/li>\n<li>International orders were 29% of total order booking in Q2 FY24.<\/li>\n<li>Good traction in 2G ethanol, CBG plants, and biotech enzymes business.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Export Growth<\/strong>\n<ul>\n<li>Praj Industries seeing increased exports, contributing 25% this quarter.<\/li>\n<li>Drivers are low-carbon ethanol projects in the US, energy transition and climate action projects globally.<\/li>\n<li>Positioning solutions for markets like Brazil to improve exports.<\/li>\n<li>Seeing positive momentum for exports overall.<\/li>\n<li>Aiming to increase export share from 20% currently to 30% plus.<\/li>\n<li>US low carbon ethanol projects to drive growth.<\/li>\n<\/ul>\n<\/li>\n<li><strong>EBP 20 Program Outlook<\/strong>\n<ul>\n<li>Commissioning of new syrup-based ethanol plants this sugar season.<\/li>\n<li>Increased ethanol availability expected, 850 crore liters tendered by OMCs.<\/li>\n<li>Feedstock situation seems stable even with lower sugar production estimates.<\/li>\n<li>Shift from rice to maize plants, but maize availability not a concern.<\/li>\n<\/ul>\n<\/li>\n<li><strong>CBG Order Pipeline<\/strong>\n<ul>\n<li>5 CBG projects awarded but not booked due to pending clearances.<\/li>\n<li>Seeing momentum for CBG projects from government and oil marketing companies.<\/li>\n<li>Positive outlook for CBG segment overall.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Employee Costs<\/strong>\n<ul>\n<li>Increment cycle starts in July, leading to increase in Q2.<\/li>\n<li>Hiring employees for new GenX facility also contributed to increase.<\/li>\n<\/ul>\n<\/li>\n<li><strong>HiPurity Business Outlook<\/strong>\n<ul>\n<li>Good traction currently, more opportunities expected in semiconductor and green hydrogen.<\/li>\n<li>Ultra high purity water needed for applications like semiconductor and green hydrogen.<\/li>\n<li>Fermentation-based facilities being set up in India, synergies with parent company.<\/li>\n<\/ul>\n<\/li>\n<li><strong>H2 Execution Outlook<\/strong>\n<ul>\n<li>Stand by earlier comments of H2 execution being higher than H1.<\/li>\n<li>Supply chain, manufacturing and engineering capabilities in place.<\/li>\n<li>Don&#8217;t foresee significant impact from Q2 issues.<\/li>\n<\/ul>\n<\/li>\n<li><strong>GenX Business Offerings<\/strong>\n<ul>\n<li>Will serve energy transition\/climate action markets.<\/li>\n<li>Offerings: equipment for hydrogen, ammonia, waste-to-energy projects.<\/li>\n<li>Key offering is modularized plant solutions for these projects.<\/li>\n<li>Based on licensor processes but provided as modular plants.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Margin Drivers<\/strong>\n<ul>\n<li>Raw material costs is major driver of margin improvement.<\/li>\n<li>Execution volumes also contribute but raw materials dominant.<\/li>\n<li>With current raw material prices, scope for more margin expansion.<\/li>\n<li>Execution efficiencies can further expand margins.<\/li>\n<\/ul>\n<\/li>\n<li><strong>US Market Competition<\/strong>\n<ul>\n<li>200 plus grain ethanol plants, 150 plus operating currently.<\/li>\n<li>Dialogues between producers for low carbon ethanol.<\/li>\n<li>Pipeline CCS route also an alternative but has challenges.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Brazil Opportunity<\/strong>\n<ul>\n<li>Aiming for ethanol from alternative feedstocks.<\/li>\n<li>Economy recovering post-COVID, constructive developments.<\/li>\n<li>Praj not working on low-cost but best technology position.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Praj Industries Ltd (PRAJIND) Q2 FY24 Earnings Concall Order Book and Outlook Total order book for Q2 was INR10.63 billion, with 71% from domestic market. Share of order book &#8211; Bioenergy 68%, Engineering 22%, PHS 10%. Backlog as of Sep 2023 stood at INR39.6 billion comprising 74% domestic orders. Positive business outlook [&hellip;]<\/p>\n","protected":false},"author":1767,"featured_media":154818,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[9825,392,5753],"tags":[10169,8235,9478],"class_list":["post-155584","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-earnings","tag-engineering","tag-industirals"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":172192,"url":"https:\/\/alphastreet.com\/india\/praj-industries-q2-fy26-earnings-results\/","url_meta":{"origin":155584,"position":0},"title":"Praj Industries Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"November 6, 2025","format":false,"excerpt":"Praj Industries Ltd., founded in 1983 is a leading biotechnology and engineering company globally. 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