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Results
21-Nov-21
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Analysis
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Kalpataru Power Transmission
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Net down 77% on higher EO and weak operating show
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Standalone net sales (including other operating income) of Kalpataru Power
Transmission for the quarter ended Sep 2021, has declined 14% to Rs 1,618.00
crore. Operating profit margin has declined from 10.7% to 9.4%,
leading to 25% decline in operating profit to Rs 152.00 crore. Raw
material cost as a % of total sales (net of stock adjustments) increased from
38.88% to 48.49%. Employee cost decreased from 7.24% to 6.90%.
Other expenses fell from 43.43% to 35.41%. Other direct
service cost fell from 34.07% to 26.39%. Other income fell 43.24%
to Rs 21 crore. PBIDT fell 27.62% to Rs 173 crore. Provision
for interest up 21.74% to Rs 28 crore. Profit before tax down 37% to
Rs 118.00 crore. EO for the period was an expense of Rs 45 crore
against an income of Rs 14 crore. Thus PBT after EO was down 64% to Rs 73
crore. Provision for tax was expense of Rs 36 crore, compared to Rs 42
crore. Effective tax rate was 49.32% compared to 20.90%. Profit
after tax fell 77% to Rs 37.00 crore.
Consolidated net sales for the quarter ended Sep 2021 has increased
17.05% to Rs 3549 crore. Operating profit margin has declined from
12.80% to 7.41%, leading to 32.22% decline in operating profit to Rs 263.00
crore. Other income fell 44% to Rs 14 crore. PBIDT fell
32.93% to Rs 277 crore. Provision for interest fell 13.27% to Rs 98
crore. PBDT fell 40.33% to Rs 179 crore. Provision for
depreciation fell 7.14% to Rs 91 crore. Profit before tax down
56.44% to Rs 88.00 crore. Share of profit/loss was 12.50% lower at
Rs -9 crore. Provision for tax was credit of Rs 19 crore, compared
to debit of Rs 59 crore. Effective tax rate was negative 29.69%
compared to 29.80%. Minority interest was nil in both the
periods. Net profit attributable to owners of the company decreased
42.36% to Rs 83.00 crore.
Sales of Development Projects segment has gone down 55.88% to Rs 45.00
crore (accounting for 1.27% of total sales). Sales of EPC segment
has gone up 20.22% to Rs 3,472.00 crore (accounting for 97.83% of total
sales). Sales of Others segment has gone down 25.58% to Rs 32.00
crore (accounting for 0.90% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
slumped 48.08% to Rs 162.00 crore. PBIT of Development Projects
segment fell 75.86% to Rs 14.00 crore (accounting for 8.64% of total
PBIT). PBIT of EPC segment fell 39.08% to Rs 145.00 crore
(accounting for 89.51% of total PBIT). PBIT of Others segment fell
81.25% to Rs 3.00 crore (accounting for 1.85% of total PBIT).
PBIT margin of Development Projects segment fell from 56.86% to
31.11%. PBIT margin of EPC segment fell from 8.24% to
4.18%. PBIT margin of Others segment fell from 37.21% to
9.38%. Overall PBIT margin fell from 10.29% to 4.56%.
Half-yearly performance
Standalone net sales has declined 4.10% to Rs 3,204.00
crore. Operating profit margin has declined from 10.72% to 9.80%,
leading to 12.29% decline in operating profit to Rs 314.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 39.03% to 41.94%. Employee cost
decreased from 8.33% to 7.54%. Other expenses fell from 41.91% to
40.97%. Other direct service cost fell from 33.15% to 32.12%.
Other income fell 23.91% to Rs 35 crore. PBIDT fell
13.61% to Rs 349 crore. Provision for interest up 6.90% to Rs 62
crore. PBDT fell 17.05% to Rs 287
crore. Provision for depreciation down 8.62% to Rs 53
crore. Profit before tax down 18.75% to Rs 234.00
crore. EO for the period was an expense of Rs 45 crore against an
income of Rs 14 crore. Thus PBT after EO was down 37% to Rs 189 crore. Provision
for tax was expense of Rs 76 crore, compared to Rs 74
crore. Effective tax rate was 40.21% compared to 24.50%. Profit after tax fell 50.44% to Rs
113.00 crore.
Consolidated net sales has increased 25.94% to Rs 6753
crore. Operating profit margin has declined from 12.42% to 8.43%,
leading to 14.56% decline in operating profit to Rs 569.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 36.48% to 41.82%. Employee cost increased
from 9.04% to 9.12%. Other expenses fell from 42.07% to 40.73%.
Other direct service cost fell from 33.87% to 32.87%.
Other income fell 6.67% to Rs 28 crore. PBIDT fell
14.22% to Rs 597 crore. Provision for interest fell 17.30% to Rs 196
crore. PBDT fell 12.64% to Rs 401 crore. Provision for
depreciation fell 8.76% to Rs 177 crore. Profit before tax down
15.47% to Rs 224.00 crore. Share of profit/loss was 5.88% lower at
Rs -18 crore. Provision for tax was expense of Rs 30 crore, compared
to Rs 85 crore. Effective tax rate was 15.71% compared to 33.73%. Minority interest increased 90.91% to
Rs -2.00 crore. Net profit attributable to owners of the company
decreased 13.76% to Rs 163.00 crore.
Sales of Development Projects segment has gone down 54.40% to Rs 83.00
crore (accounting for 1.23% of total sales). Sales of EPC segment
has gone up 29.29% to Rs 6,600.00 crore (accounting for 97.72% of total
sales). Sales of Others segment has gone down 6.58% to Rs 71.00
crore (accounting for 1.05% of total sales).
Profit before interest, tax and other unallocable items (PBIT) has
slumped 21.50% to Rs 387.00 crore. PBIT of Development Projects
segment fell 69.47% to Rs 29.00 crore (accounting for 7.49% of total
PBIT). PBIT of EPC segment fell 7.22% to Rs 347.00 crore (accounting
for 89.66% of total PBIT). PBIT of Others segment fell 54.17% to Rs
11.00 crore (accounting for 2.84% of total PBIT).
PBIT margin of Development Projects segment fell from 52.20% to
34.94%. PBIT margin of EPC segment fell from 7.33% to
5.26%. PBIT margin of Others segment fell from 31.58% to
15.49%. Overall PBIT margin fell from 9.19% to 5.73%.
Management Comments
Commenting on the results, Mr. Manish Mohnot, MD
& CEO, KPTL said: “Despite lockdowns and challenges due to the severe
second wave of COVID-19, KPTL and JMC delivered sustainable performance in the
first quarter of the fiscal. With the rising commodity prices, higher logistics
cost and supply chain issues posing near term challenges, we remain diligent in
managing cost and navigating the current environment. We are progressing well
on our strategic agenda to restructure our road BOOT assets and complete the
sale transaction of Kohima-Mariani transmission asset. We are confident to
complete these transactions during FY22. Our consolidated order book including
L1 has reached over Rs. 34,000 Crores and additionally we have good visibility
across our businesses. This gives us confidence of sustained growth in the
years ahead.
Other developments
Consolidated Loan funds rose to Rs 3,772.00 crore as of 30 September
2021 from Rs 2,732.00 crore as of 30 September 2020. Inventories
rose to Rs 1,208.00 crore as of 30 September 2021 from Rs 1,075.00 crore as of
30 September 2020. Sundry debtors were higher at Rs 4,528.00 crore
as of 30 September 2021 compared to Rs 4,317.00 crore as of 30 September
2020. Cash and bank balance rose to Rs 567.00 crore as of 30
September 2021 from Rs 412.00 crore as of 30 September
2020. Investments stood at Rs 1.00 crore as of 30 September 2021 to
Rs 1.00 crore as of 30 September 2020. Fixed assets increased to Rs
3,431.00 crore as of 30 September 2021 from Rs 1,697.00 crore as of 30
September 2020. Intangible assets declined from Rs 1,767.00 crore to
Rs 178.00 crore.
Promoters’ stake was 54.55% as of 30 September 2021, compared to 55.29%
as of 30 September 2020. Promoters pledged stake was 45.30% as of 30
September 2021, compared to 57.50% as of 30 September 2020 .
Equity capital stood at Rs 30.00 crore
as of 30 September 2021 to Rs 30.00 crore as of 30 September
2020. Per share face Value remained same at Rs 2.00.
Promoters’ stake was 54.55% as of 30
September 2021, compared to 55.29% as of 30 September 2020
. Promoters pledged stake was 45.30% as of 30 September 2021
,compared to 57.50% as of 30 September 2020 .
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Kalpataru
Power Transmission: Results
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2109
(3)
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2009
(3)
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Var.(%)
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2109
(6)
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2009
(6)
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Var.
(%)
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2103
(12)
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2003
(12)
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Var.(%)
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Sales
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1618.00
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1882.00
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-14
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3204.00
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3341.00
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-4
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7671.00
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7904.00
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-3
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OPM (%)
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9.4
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10.7
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9.8
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10.7
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10.5
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10.9
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OP
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152.00
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202.00
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-25
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314.00
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358.00
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-12
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808.00
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860.00
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-6
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Other
inc.
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21.00
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37.00
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-43
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35.00
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46.00
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-24
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79.00
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58.00
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36
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PBIDT
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173.00
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239.00
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-28
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349.00
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404.00
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-14
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887.00
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918.00
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-3
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Interest
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28.00
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23.00
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22
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62.00
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58.00
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7
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109.00
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166.00
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-34
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PBDT
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145.00
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216.00
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-33
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287.00
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346.00
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-17
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778.00
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752.00
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3
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Dep.
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27.00
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29.00
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-7
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53.00
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58.00
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-9
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115.00
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110.00
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5
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PBT
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118.00
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187.00
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-37
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234.00
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288.00
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-19
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663.00
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642.00
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3
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EO Exp
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45.00
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-14.00
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PL
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45.00
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-14.00
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-168.00
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-24.00
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600
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PBT
after EO
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73.00
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201.00
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-64
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189.00
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302.00
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-37
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831.00
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666.00
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25
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Taxation
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36.00
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42.00
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-14
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76.00
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74.00
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3
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216.00
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203.00
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6
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PAT
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37.00
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159.00
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-77
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113.00
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228.00
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-50
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615.00
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463.00
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33
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EPS
(Rs)*
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33.0
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30.0
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*
Annualized On Current Equity Of Rs 29.78 Crore. Face Value: Rs 2
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# EPS
is not annualised due to seasonality of business
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Figures
in Rs crore
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Source:
Capitaline Corporate Database
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| Kalpataru Power Transmission : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202109 | 202009 | Var.(%) | 202109 | 202009 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 3,549.00 | 3,032.00 | 17.05 | 6,753.00 | 5,362.00 | 25.94 | 12,949.00 | 12,676.00 | 2.15 | | OPM (%) | 7.41 | 12.80 | -539 bps | 8.43 | 12.42 | -399 bps | 11.65 | 11.71 | -5 bps | | OP | 263.00 | 388.00 | -32.22 | 569.00 | 666.00 | -14.56 | 1,509.00 | 1,484.00 | 1.68 | | Other Inc. | 14.00 | 25.00 | -44.00 | 28.00 | 30.00 | -6.67 | 67.00 | 44.00 | 52.27 | | PBIDT | 277.00 | 413.00 | -32.93 | 597.00 | 696.00 | -14.22 | 1,576.00 | 1,528.00 | 3.14 | | Interest | 98.00 | 113.00 | -13.27 | 196.00 | 237.00 | -17.30 | 436.00 | 521.00 | -16.31 | | PBDT | 179.00 | 300.00 | -40.33 | 401.00 | 459.00 | -12.64 | 1,140.00 | 1,007.00 | 13.21 | | Depreciation | 91 | 98 | -7.14 | 177 | 194 | -8.76 | 373 | 340 | 9.71 | | PBT | 88.00 | 202.00 | -56.44 | 224 | 265 | -15.47 | 767 | 667 | 14.99 | | Share of Profit/(Loss) from Associates | -9 | -8 | -12.50 | -18 | -17 | -5.88 | -32 | -23 | -39.13 | | PBT before EO | 79 | 194 | -59.28 | 206 | 248 | -16.94 | 735 | 644 | 14.13 | | EO Income | -15 | 4 | PL | -15 | 4 | PL | 210 | 4 | 5,150.00 | | PBT after EO | 64 | 198 | -67.68 | 191 | 252 | -24.21 | 945 | 648 | 45.83 | | Taxation | -19 | 59 | LP | 30 | 85 | -64.71 | 283 | 258 | 9.69 | | PAT | 83 | 139 | -40.29 | 161 | 167 | -3.59 | 662 | 390 | 69.74 | | Minority Interest (MI) | 0 | -5 | - | -2 | -22 | 90.91 | -9 | 0 | - | | Net profit | 83 | 144 | -42.36 | 163 | 189 | -13.76 | 671 | 390 | 72.05 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 83 | 144 | -42.36 | 163 | 189 | -13.76 | 671 | 390 | 72.05 | | EPS (Rs)* | 5.31 | 9.47 | -43.99 | 11.82 | 12.49 | -5.35 | 34.91 | 26.03 | 34.15 | | | * EPS is on current equity of Rs 29.78 crore, Face value of Rs 2, Excluding extraordinary items. | | # EPS is not annualised | | bps : Basis points | | EO : Extraordinary items | | Figures in Rs crore | | Source: Capitaline Corporate Database |
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| Kalpataru Power Transmission : Consolidated Segment Results | td>-| | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202109 | 202009 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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| Sales | | Transmission & Distribution | 0.00 | 0.00 | 0.00 | - | | Real Estate | 0.00 | 0.00 | 0.00 | - | | Development Projects | 1.27 | 45.00 | 102.00 | -55.88 | 1.23 | 83.00 | 182.00 | -54.40 | 2.87 | 371.00 | 345.00 | 7.54 | | EPC | 97.83 | 3,472.00 | 2,888.00 | 20.22 | 97.72 | 6,600.00 | 5,105.00 | 29.29 | 95.96 | 12,424.00 | 12,195.00 | 1.88 | | Others | 0.90 | 32.00 | 43.00 | -25.58 | 1.05 | 71.00 | 76.00 | -6.58 | 1.17 | 152.00 | 142.00 | 7.04 | | Total Reported Sales | 100.00 | 3,549.00 | 3,033.00 | 17.01 | 100.00 | 6,754.00 | 5,363.00 | 25.94 | 100.00 | 12,947.00 | 12,682.00 | 2.09 | | Less: Inter segment revenues | | 0.00 | 1.00 | - | | 0.00 | 1.00 | | -2.00 | 6.00 | PL | | Net Sales | 100.00 | 3,549.00 | 3,032.00 | 17.05 | 100.00 | 6,754.00 | 5,362.00 | 25.96 | 100.00 | 12,949.00 | 12,676.00 | 2.15 | | PBIT | | Transmission & Distribution | 0.00 | 0.00 | 0.00 | - | | Real Estate | 0.00 | 0.00 | 0.00 | - | | Development Projects | 8.64 | 14.00 | 58.00 | -75.86 | 7.49 | 29.00 | 95.00 | -69.47 | 12.65 | 175.00 | 131.00 | 33.59 | | EPC | 89.51 | 145.00 | 238.00 | -39.08 | 89.66 | 347.00 | 374.00 | -7.22 | 84.67 | 1,171.00 | 1,000.00 | 17.10 | | Others | 1.85 | 3.00 | 16.00 | -81.25 | 2.84 | 11.00 | 24.00 | -54.17 | 2.68 | 37.00 | 25.00 | 48.00 | | Total PBIT | 100.00 | 162.00 | 312.00 | -48.08 | 100.00 | 387.00 | 493.00 | -21.50 | 100.00 | 1,383.00 | 1,156.00 | 19.64 | | Less : Interest | | 98.00 | 113.00 | -13.27 | | 196.00 | 237.00 | -17.30 | | 436.00 | 521.00 | -16.31 | | Add: Other un-allcoable | | 0.00 | -1.00 | - | | 0.00 | -4.00 | - | | -2.00 | 13.00 | PL | | PBIT Margin(%) | | Transmission & Distribution | | 0.00 | 0.00 | 0.00 | | Real Estate | | 0.00 | 0.00 | 0.00 | | Development Projects | | 31.11 | 56.86 | -2,575.16 | | 34.94 | 52.20 | -1,725.80 | | 47.17 | 37.97 | 919.88 | | EPC | | 4.18 | 8.24 | -406.47 | | 5.26 | 7.33 | -206.86 | | 9.43 | 8.20 | 122.52 | | Others | | 9.38 | 37.21 | -2,783.43 | | 15.49 | 31.58 | -1,608.60 | | 24.34 | 17.61 | 673.65 | | PBT | 100.00 | 64.00 | 198.00 | -67.68 | 100.00 | 191.00 | 252.00 | -24.21 | 100.00 | 945.00 | 648.00 | 45.83 |
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Previous News |
Kalpataru Projects gains as board OKs NCD issue of Rs 300 cr
(
Hot Pursuit
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10-Jun-24
16:09
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Kalpataru Projects International wins orders worth Rs 2,995 cr
(
Corporate News
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11-Jul-24
09:05
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Kalpataru Projects International schedules board meeting
(
Corporate News
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05-Jul-24
10:13
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Kalpataru Projects International
(
Analyst Meet / AGM
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Conference Call
04-Nov-23
13:16
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Kalpataru Projects International
(
Results
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Analysis
06-Nov-23
07:45
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Board of Kalpataru Projects International to consider fund raising via NCDs
(
Corporate News
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29-Jan-24
16:41
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Board of Kalpataru Projects International to consider NCD issuance
(
Corporate News
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20-Sep-23
17:56
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Kalpataru Projects International to declare Quarterly Result
(
Corporate News
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23-Jul-24
10:42
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Kalpataru Projects hits record high on Rs 2,995-cr order win
(
Hot Pursuit
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11-Jul-24
10:24
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Volumes soar at Metro Brands Ltd counter
(
Hot Pursuit
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03-Oct-23
14:30
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Kalpataru Projects International raises Rs 150 cr via NCDs
(
Corporate News
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03-Oct-23
13:49
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