Meanwhile, Lal is hopeful of clocking reasonable growth this year. "In terms of the revenue growth, our current order book is sufficient to sustain at least 15 percent growth, if not more and we do expect that there will be a linear relationship between the growth and at least at the EBITDA level profit," he added.
Also read: Pratibha Industries bags order aggregating to Rs 526.20cr
Below is the edited transcript of his interview with CNBC-TV18
Q: In the news is an order that you have bagged from an entity in Jodhpur can you take us through that Rs 128 crore order. What is your order book looking like and what are the margins of this new order?
A: Our order book is close to around Rs 6,000 crore. The new order that we have announced is an order from an existing client which is a public health engineering department in Rajasthan. That is essentially a water supply scheme and it is adjacent to an existing project that we are doing for them.
Q: Your last quarter was a bit slow on execution what has been the trend in Q1?
A: Q1 has picked up. The month of June has seen heavy rains across the country so that has had an impact on construction, but Q1 has been good so far. The primary reason for the relatively slower execution in last quarter was that we were just at the beginning of some of our projects with Delhi Metro Rail Corporation Ltd (DMRC) and those have picked up.
Q: What about debtor days? We understand that your working capital days increased to 175 from 162 in FY13- any improvement at all?
A: Debtor days are relatively better off. We are maintaining debtor days of somewhere around 60 days. The increase in working capital was primarily because of increase in WIC and the inventory which has caused primarily due to the lump sum nature of our contract where we are entitled to state wise payment.
Q: Have they normalised now because that was hurting your debt equity isn't it?
A: Yes, they have normalised now. In fact, collections are quite better, better than most other in this sector. We are not seeing any issues as far as collections are concerned. The nature of the contract we are trying our level best to improve our efficiency internally.
Q: How much of this order book will you execute in this financial year? How much revenues should we expect in FY14?
A: We should be able to maintain the growth that we have demonstrated last year. We do expect that we should see a reasonable growth again this year.
Q: Some numbers because ultimately your profit in the Q4 fell by about 30 percent so for the current year what can you tell us in terms of revenue growth number in terms of profit growth as a percentage number and order book?
A: In terms of the revenue growth, our current order book is sufficient to sustain at least 15 percent growth, if not more and we do expect that there will be a linear relationship between the growth and at least at the EBITDA level profit. Order book, it is a difficult time for the sector but our endeavor will be to bag as much as we execute if not more.
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