{"id":160791,"date":"2024-05-02T12:57:27","date_gmt":"2024-05-02T16:57:27","guid":{"rendered":"https:\/\/44.250.171.167\/?p=160791"},"modified":"2024-05-02T12:57:29","modified_gmt":"2024-05-02T16:57:29","slug":"skipper-ltd-india-q4-fy24-earnings-conference-call-insights","status":"publish","type":"post","link":"https:\/\/alphastreet.com\/india\/skipper-ltd-india-q4-fy24-earnings-conference-call-insights\/","title":{"rendered":"Skipper Ltd (India) Q4 FY24 Earnings Conference Call Insights"},"content":{"rendered":"<p><strong>Key highlights from Skipper Ltd (India) (SKIPPER) Q4 FY24 Earnings Concall<\/strong><\/p>\n<ul>\n<li><strong>Revenue Growth<\/strong>\n<ul>\n<li>Revenue reached Rs. 1,153 crores, up 76% year-over-year.<\/li>\n<li>Engineering revenue hit all-time high of Rs. 707 crores, up 41%.<\/li>\n<li>Polymer revenue stood at Rs. 103 crores.<\/li>\n<li>Infrastructure segment revenue soared to Rs. 349 crores, up 3,034%.<\/li>\n<li>Engineering exports contributed Rs. 198.7 crores, 28% of engineering segment revenue.<\/li>\n<li>Executed around Rs. 1000 crores revenue from BSNL order in FY24.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Segment Performance<\/strong>\n<ul>\n<li>Engineering EBITDA margin at 11.6%, reflecting better quality contracts and international business expansion.<\/li>\n<li>Polymer and infrastructure segments benefited from fixed cost rationalization over larger revenue base.<\/li>\n<li>Polymer sales volume increased by 30% to ~32,000 tons.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Profitability Improvement<\/strong>\n<ul>\n<li>Consolidated EBITDA increased to Rs. 108.6 crores with 9.4% margin.<\/li>\n<li>PBT surged to Rs. 128.5 crores, up 157%.<\/li>\n<li>PAT reached Rs. 81.7 crores, up 129%.<\/li>\n<li>Finance cost as a percentage of sales improved to 4.7% from 5.2%.<\/li>\n<li>Net working capital cycle improved to 88 days from 131 days.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Order Book<\/strong>\n<ul>\n<li>Total order inflow of Rs. 1,141 crores in Q4.<\/li>\n<li>Year-to-date order inflow of Rs. 4,286 crores, highest in company history.<\/li>\n<li>Current order book at all-time high of Rs. 6,215 crores, diversified across sectors.<\/li>\n<li>Order book to engineering and infra-segment sales ratio of 2.2x FY24 sales, providing 2-3 years revenue visibility.<\/li>\n<li>Domestic orders at 87% (53% TND, 34% non-TND), exports at 13%.<\/li>\n<li>Win rate around 25-30% on blended basis, varies across markets.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Outlook<\/strong>\n<ul>\n<li>Vibrant domestic T&amp;D environment aligns with company&#8217;s focus on transmission sector growth.<\/li>\n<li>Government&#8217;s focus on renewable grid infrastructure and electrification bodes well.<\/li>\n<li>Diversification into telecom, railway electrification, water EPC, and drip irrigation strengthens revenue stream.<\/li>\n<li>Tender pipeline at all-time high of Rs. 16,730 crores, reflecting strong domestic and international opportunities.<\/li>\n<li>Advanced negotiations for securing sizable international and domestic contracts.<\/li>\n<li>Expected revenue of around Rs. 700 crores from BSNL order in FY25.<\/li>\n<li>Around 70% capacity utilization in Engineering Products segment, scope for more revenue from existing capacity.<\/li>\n<li>Enhanced capacity benefits expected towards end of FY25 after capex.<\/li>\n<li>Targeting interest cost of 4-4.5% of revenue for FY25.<\/li>\n<li>At Rs. 5000 crore revenue, EBITDA margin target of 10.5%.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Margins<\/strong>\n<ul>\n<li>Company delivered consistent EBITDA margins of 9.7% annually, even with higher revenue base.<\/li>\n<li>Gross profit margin fell from 36% to 22% annually, but cost of goods sold metric is not appropriate for evaluating performance.<\/li>\n<li>Cost of materials, labor, and other project expenses should be considered together.<\/li>\n<li>Higher revenue base to drive better PBT margins through lower finance and depreciation costs.<\/li>\n<li>Finance cost targeted at 4.4-4.5% of revenue in FY25, down from 4.7% in FY24.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Working Capital<\/strong>\n<ul>\n<li>Working capital days reduced from 131 to 88 days.<\/li>\n<li>Company aims to maintain working capital days between 90-100 going forward.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capacity Expansion<\/strong>\n<ul>\n<li>Current capacity is 3 lakh tons, expanding to 3.75 lakh tons by end of FY24.<\/li>\n<li>Further expansion planned for next fiscal year based on demand outlook.<\/li>\n<li>Some capacity addition will be operational by Q3\/Q4 FY24, full capacity from FY25.<\/li>\n<li>Expansion funded through internal accruals and long-term borrowings.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Order Pipeline<\/strong>\n<ul>\n<li>Robust domestic order inflow expected due to government&#8217;s infrastructure push.<\/li>\n<li>International order pipeline appears larger due to longer finalization time.<\/li>\n<li>Expected order mix for FY24: 75% domestic, 25% exports.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Telecom Demand<\/strong>\n<ul>\n<li>Telecom contributes 30% of order book.<\/li>\n<li>Expecting good demand growth in telecom tower space.<\/li>\n<li>Vodafone and BSNL to drive network expansion after lack of investments.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Chinese Market Shift<\/strong>\n<ul>\n<li>Customers adopting &#8216;China plus one&#8217; strategy, moving supply chains away from China.<\/li>\n<li>Gradual shift towards Indian suppliers, benefiting companies like Skipper.<\/li>\n<li>Strong engineering capabilities an advantage for Skipper in this transition.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Sector Diversification<\/strong>\n<ul>\n<li>Currently focused on power transmission and telecom sectors.<\/li>\n<li>Open to exploring opportunities in other sectors as they arise.<\/li>\n<li>Sufficient growth opportunities within existing focus areas.<\/li>\n<\/ul>\n<\/li>\n<li><strong>Capex and Funding<\/strong>\n<ul>\n<li>Capex of around Rs. 200 crores expected this year.<\/li>\n<li>To be funded through a mix of internal accruals and long-term debt.<\/li>\n<li>Blended cost of funds currently around 9%.<\/li>\n<li>Efforts underway to reduce finance costs through operational efficiencies and credit rating upgrades.<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key highlights from Skipper Ltd (India) (SKIPPER) Q4 FY24 Earnings Concall Revenue Growth Revenue reached Rs. 1,153 crores, up 76% year-over-year. Engineering revenue hit all-time high of Rs. 707 crores, up 41%. Polymer revenue stood at Rs. 103 crores. Infrastructure segment revenue soared to Rs. 349 crores, up 3,034%. Engineering exports contributed Rs. 198.7 crores, [&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":[10169,9403,12171,10066],"class_list":["post-160791","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-earnings-call-highlights","category-earnings","category-industrials","tag-earnings","tag-infrastructure","tag-pipes-and-fittings","tag-transmission-equipment"],"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":161429,"url":"https:\/\/alphastreet.com\/india\/tracxn-technologies-ltd-q4-fy24-earnings-conference-call-insights\/","url_meta":{"origin":160791,"position":0},"title":"Tracxn Technologies Ltd Q4 FY24 Earnings Conference Call Insights","author":"Praveen","date":"May 21, 2024","format":false,"excerpt":"Key highlights from Tracxn Technologies Ltd (TRACXN) Q4 FY24 Earnings Concall Financials Q4 FY24 revenue from operations: INR 20.3 crores. 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It also undertakes EPC projects in the infrastructure segment. Financial Results: Skipper Ltd reported Revenues for Q1FY24 of \u20b9555.00 Crores up from \u20b9416.00 Crore year on year, a rise of 33.41%. 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Quarterly revenue\u2026","rel":"","context":"In &quot;Concall Highlights&quot;","block_context":{"text":"Concall Highlights","link":"https:\/\/alphastreet.com\/india\/category\/earnings-call-highlights\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/alphastreet.com\/india\/wp-content\/uploads\/2023\/10\/CC_Image_1.jpg?resize=700%2C400&ssl=1 2x"},"classes":[]},{"id":172531,"url":"https:\/\/alphastreet.com\/india\/skipper-q2-fy26-earnings-results\/","url_meta":{"origin":160791,"position":4},"title":"Skipper Q2 FY26 Earnings Results","author":"Chirag Gupta","date":"November 19, 2025","format":false,"excerpt":"Skipper Ltd is engaged in manufacturing and selling of Transmission & Distribution Structures and Pipes & Fittings. 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