In an interview to CNBC-TV18 Gabrani says the company is expecting some major fund inflows from blue-chip companies like National Thermal Power Corp (NTPC) and expects the company's situation to improve going ahead. "We are taking necessary steps to ensure that collections improve," he adds.
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Below is the verbatim transcript of Amul Gabrani's interview on CNBC-TV18
Q: You had a disastrous Q1, how has the situation been in Q2 so far in terms of order intake and execution?
A: Right now as a company because of the external environment, there are certain challenges going on. So, focus for the company is to execute whatever is possible in the existing jobs. We have enough order book for more than a year and a half and so, right now we are focusing on the completion of projects. As far as Q2 is concerned, we are still waiting for the results. The collation is being done and once we can collate that data then only I will be able to give you information on Q2.
Q: On account of high debt and therefore, high interest cost that you are all paying on a quarterly basis, the company is now making loss at the bottomline, could you give us an update on where the debt currently stands and how the company plans to reduce the debt burden?
A: As far as debt is concerned, most of it is working capital debt, and as and when we are able to execute our jobs over next few quarters, I think that debt has been considered in our estimation for our EPC jobs.
Right now the position as far as company is concerned, our collections have been slow because of the external environment and also the lending banks although we have certain limits sanctioned but because of the environmental conditions, there have been certain conditions which are there and so, liquidity both on the collection front and from lending banks was a little lower than what we were anticipating because of Q1 performance.
Once liquidity is released by the government to our clients, I am sure our liquidity will improve and we will be able to execute much more and then this debt will be considered in our results. We have already considered the debt, interest cost and our project costs.
Q: How much money are you expecting from the government and how soon?
A: No, it is a project-wise collection. We have various projects going on and our clients are all blue-chip companies like NTPC and others who are our major clients. So, we are expecting some major collections from them and as and when it comes, situation will start improving. We are taking necessary steps to ensure that collections improve.
Q: Are there any outstanding dues and if yes, how much?
A: We are a project company and so, outstanding dues are a part of the business. We keep on executing the project and keep collecting the outstanding dues because of the external environment, collection was a little slow plus our collection is on the milestones basis, as soon as milestones are completed, collections will flow in.
On October 10, 2013, Tecpro Systems closed at Rs 20.05, up Rs 0.95, or 4.97 percent. The 52-week high of the share was Rs 172.40 and the 52-week low was Rs 13.35.
The latest book value of the company is Rs 156.32 per share. At current value, the price-to-book value of the company was 0.13.
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