Below is the edited transcript of Nikhil Gandhi's interview with CNBC-TV18
Q: Take us through the order that you have got from Oil and Natural Gas Corporation Limited (ONGC). What exactly is this in terms of a margin addition? Where does it take your order book?
A: This is first major contract we have got from ONGC in terms of rigs and oil platforms, because Pipavav has built one of the largest facilities in the world. We are very proud to have made a beginning with the ONGC. It is a very prestigious contract.
ONGC has large number of oil rigs and platforms demand both in terms of construction and maintenance during the next two-three years. Pipavav being the second largest dry dock in the world remains the leader henceforth to secure many such contracts.
Sagar Laxmi is a very prestigious machine of ONGC for offshore requirement, we will provide restoration. As far as the order is concerned, this is five percent of our total order value. This takes our order value to nearly Rs 8,500 crore.
We are looking at securing couple of more contracts from the global market. Pipavav has also secured two contracts from two of the largest oil and gas exploration companies and operating companies called Transocean and Noble. So, the year has ended well for Pipavav.
Q: What are you expecting to do by way of a revenue increase in FY13 itself and then going forward in FY14 since you have a decent order book of Rs 8,500 crore as you say. Can you draw for us how the revenue trajectory will look, how the EBITDA will look and more importantly actually EPS as well?
A: The combined EBITDA normally for warship building, offshore building and drydocking put together about 25 percent on an average. The order book will have a multiplication effect in next quarter or so. Some of the bids which we have already submitted are likely to come through.
We are looking at more robust execution both in terms of current and new orders. Also, new contracts are going to be significant in numbers. Our overall usage of ship building will increase significantly and so as the EPS margins.
Q: From an international perspective as well as from a domestic order book standpoint from Rs 8,500 crore where do you expect the order book to end up possibly in the next three months as well as six months?
A: Between next three to six months our order book could be close to Rs 15,000-17,000 crore. We are also increasing manpower. We have signed Memorandum of Understanding (MoU) and are in the process of finalizing agreement with French major DCNS, which is the second largest warship builder in the world.
With them being shareholder in the company, they will support us in terms of speedier execution and also improvement of R&D, supply chain management and interfacing with clients and other partners. We are in the process of having an all-round improvement over the next one or two quarters onwards, thanks to these two partnerships that we have built - Saab of Sweden and DCNS.
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Order book seen at Rs 15k -17k cr in 3-6 months: Pipavav
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Order book seen at Rs 15k -17k cr in 3-6 months: Pipavav
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Order book seen at Rs 15k -17k cr in 3-6 months: Pipavav
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