Record order book at an all-time high, underpinned by strong Thermal and Industry orders (FY'23-24) totaling around Rs 78,000 crores.
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Very strong project execution momentum in FY'23-24: over 7 GW of projects completed globally, including 5 GW added and 2 GW commissioned.
NEGATIVES
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Long-term margin pressure with seven straight years of gross margin decline; FY'24 gross margin around 29.7% (vs FY'18 ~44%), implying profitability headwinds.
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Working capital stress and weak cash flow despite high orders: negative cash from operations, and advances only partly rising, reflecting timing and terms of payments; substantial order inflows occurred late (Q3/Q4).
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