KAYNES - KAYNES TECHNOLOGY INDIA LIMITED Share Price

1. Question: "Can you explain how operating cash flow is expected to improve by year-end?"
Answer: We acknowledge the increase in receivables. We've initiated discounting for noncurrent receivables, yielding around INR60 crores. Over the next six months, we aim to clear legacy receivables, improving cash flow. We're confident that second-half volumes will exceed 50-60% of the first half, thus enhancing operating cash flow.

2. Question: "Could you please share the full year revenue guidance and the strategic steps to meet it?"
Answer: We are focusing on sustainable profitability across all products. Despite minor quarterly fluctuations due to supply chain issues, our order inflow is healthy. Currently, our total order book is around INR8,000 crores, and we maintain confidence we'll meet our annual revenue targets by addressing supply chain concerns.

3. Question: "Are there any updates on the PCB market and potential collaborations?"
Answer: We're pursuing high-density multilayer PCBs with significant customer interest. Although detailed margin guidance isn't available yet, we expect higher margins with our new facility in Oragadam. The government has approved our capital subsidy for expansions, supporting our growth plans in this sector.

4. Question: "What are your expectations for revenue growth in various segments?"
Answer: We project significant growth in railway electronics and aerospace. The railway sector is expected to contribute notably due to government projects. Automotive growth aligns with market traction, while smart meters will remain steady. Overall, we anticipate about 50% growth across sectors, bolstered by significant order traction in emerging markets.

5. Question: "How are you managing increasing receivables? What strategies are in place?"
Answer: We're addressing this through systematic billing solutions and customer financing options to ensure prompt collections. Additionally, discounting old receivables will significantly reduce outstanding days. We're also working on improving billing throughout the quarter to mitigate cyclical spikes at quarter ends.

6. Question: "What is the status of capital expenditure plans for the year?"
Answer: We have outlined a capex plan around INR4,500 crores over the next three years, supported by both internal cash generation and governmental funding. We expect our new PCB facility will start generating cash flow in two years and to fulfill capital requirements without major financing issues.

7. Question: "Is Kaynes still holding on to the revenue target of $1 billion by FY '28?"
Answer: Yes, we remain confident in achieving the $1 billion revenue target by FY '28, due to strong order inflows and upcoming projects. While I can't disclose detailed breakdowns, our momentum shows clear paths in various highlighting segments, including new collaboration opportunities annually.

8. Question: "Can you elaborate on the increase in provision for doubtful debts?"
Answer: The provision reflects accounting policies necessitating us to cover aged debts. However, we are actively working on collections and implementing customer discounting methods. Thus, while the provision may affect reported margins, its ultimate impact should be neutral as we expect to improve collection efficiency moving forward.

These questions and answers encapsulate core insights from the earnings call while adhering to the character restrictions and ensuring clarity in the responses.