G V Electricals Ltd IPO

Presence Across Electrical Infrastructure Activities with O&M-based Revenue Contribution.

Order Book Providing Revenue Visibility.

Majority of Revenue from Repetitive Customers.

Experienced Management Team and Manpower Strength.

A major portion of the companys revenue is derived from power distribution utilities, and any reduction in business fromsuch customers, adverse changes in procurement practices or failures to secure new contracts may adverselyaffect its business, results of operations, financial condition and cash flows.

The companys revenue from operations is substantially dependent on Network Operation and Maintenance (O&M)Services, and any adverse changes affecting this service vertical may have a material adverse effect on its business.

The companys business is dependent on securing contracts through competitive tendering processes, and its inability tosuccessfully participate in or secure such tenders, or maintain competitive pricing, may adversely affect the companys business.

A significant portion of the companys revenue from operations is derived from a limited number of customers, and anyreduction in business from such customers may adversely affect its business, results of operations, financialcondition and cash flows.

The company is required to obtain and maintain various statutory licenses, registrations and approvals for its businessoperations, and any failures to obtain, renew or update such approvals may adversely affect its business,operations and financial condition.

A significant portion of the companys revenue is derived from repeat customers. Any reduction, delay, cancellation ornon-receipt of work orders from such customers may adversely affect its business, results of operations, cashflows and financial condition.

The companys business is dependent on procurement of electrical materials and equipment from third-party suppliers,and any significant fluctuation in prices or disruption in supply of such materials, including dependence on alimited number of suppliers, may adversely affect its business.

The companys business operations is dependent on availability and deployment of skilled and semi-skilled manpower,and any inability to effectively manage or deploy such workforce may adversely affect its business, results ofoperations, financial condition and cash flows.

The companys ongoing order book may not be indicative of assured revenues, as a significant portion of its projects areexecuted under rate contracts, maintenance arrangements and work order-based engagements, where actualexecution is dependent on issuance of specific work orders and operational requirements of customers.

The companys business is working capital intensive and any inability to arrange adequate funding or efficiently manageits working capital, including trade receivables, inventories and project-related cash flows, may adverselyaffect its liquidity, operations and financial condition.