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Results
17-Feb-22
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Analysis
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Kalpataru Power Transmission
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PAT up 23% on higher EO income
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Standalone net sales (including other operating income) of Kalpataru Power
Transmission for the quarter ended Dec 2021 has declined 7.28% to Rs 1,848.00
crore. Operating profit margin has declined from 10.39% to 9.09%,
leading to 18.84% decline in operating profit to Rs 168.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 33.01% to 2.13%.
Employee cost decreased from 7.21% to 7.18%. Other
expenses fell from 49.26% to 41.35%. Other direct service cost fell
from 38.04% to 31.05%. Other income up 42.11% to Rs 27
crore. PBIDT fell 13.72% to Rs 195 crore. Provision for
interest up 39.13% to Rs 32 crore. PBDT fell 19.70% to Rs 163
crore. Provision for depreciation down 10.34% to Rs 26
crore. Profit before tax down 21.26% to Rs 137.00
crore. Extraordinary items were increased by 70% to Rs 262.00
crore. Thus PBT after EO was up 22% to Rs 137.00 crore. Provision
for tax was expense of Rs 84 crore, compared to Rs 71
crore. Effective tax rate was 21.05% compared to 21.65%. Profit
after tax rose 22.57% to Rs 315.00 crore.
Consolidated net sales for the quarter ended Dec 2021 has increased
11.08% to Rs 3889 crore. Operating profit margin has declined from
11.08% to 8.18%, leading to 18.04% decline in operating profit to Rs 318.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) increased from 34.51% to 44.62%. Employee cost
increased from 7.85% to 8.78%. Other expenses fell from 46.48% to
38.32%. Other direct service cost fell from 37.88% to 27.90%.
Other income rose 42.11% to Rs 27 crore. PBIDT fell
15.23% to Rs 345 crore. Provision for interest fell 0.97% to Rs 102
crore. PBDT fell 20.07% to Rs 243 crore. Provision for
depreciation fell 2.11% to Rs 93 crore. Profit before tax down
28.23% to Rs 150.00 crore. Share of profit/loss was 60% higher at Rs
-2 crore. Extraordinary items were decreased to Rs 200.00
crore. Provision for tax was expense of Rs 89 crore, compared to Rs
102 crore. Effective tax rate was 25.57% compared to 24.88%. Minority
interest was nil in both the periods. Net profit attributable to
owners of the company decreased 15.91% to Rs 259.00 crore.
Sales of segment has gone down 27.47% to Rs 66.00 crore (accounting for
1.70% of total sales). Sales of segment has gone up 12.66% to Rs 3,799.00
crore (accounting for 97.66% of total sales). Sales of Others
segment has gone down 34.21% to Rs 25.00 crore (accounting for 0.64% of total
sales).
Profit before interest, tax and other un-allocable items (PBIT) has
slumped 13.11% to Rs 444.00 crore. PBIT of segment fell 2.86% to Rs
34.00 crore (accounting for 7.66% of total PBIT). PBIT of segment
fell 7.07% to Rs 434.00 crore (accounting for 97.75% of total
PBIT). PBIT of Others reported loss of Rs 24.00 crore compared to
profit of Rs 9.00 crore.
PBIT margin of segment rose from 38.46% to 51.52%. PBIT
margin of segment fell from 13.85% to 11.42%. PBIT margin of Others
segment fell from 23.68% to 96.00%. Overall PBIT margin fell from
14.60% to 11.41%.
Standalone nine month performance
Standalone net sales (including other operating income) of Kalpataru Power
Transmission has declined 5.29% to Rs 5,052.00 crore. Operating
profit margin has declined from 10.59% to 9.54%, leading to 14.69% decline in
operating profit to Rs 482.00 crore. Raw material cost as a % of total
sales (net of stock adjustments) increased from 36.80% to 42.01%.
Employee cost decreased from 7.92% to 7.41%. Other
expenses fell from 44.64% to 41.10%. Other direct service cost fell
from 34.97% to 31.74%. Other income fell 4.62% to Rs 62 crore. PBIDT
fell 13.65% to Rs 544 crore. Provision for interest up 16.05% to Rs
94 crore. PBDT fell 18.03% to Rs 450 crore. Provision for
depreciation down 9.20% to Rs 79 crore. Profit before tax down
19.70% to Rs 371.00 crore. Extraordinary items were increased to Rs
217.00 crore. Provision for tax was expense of Rs 160 crore,
compared to Rs 145 crore. Effective tax rate was 27.21% compared to
23.02%. Profit after tax fell 11.75% to Rs 428.00 crore.
Consolidated Nine month performance
Net sales (including other operating income) of Kalpataru Power Transmission
has increased 20.07% to Rs 10642 crore. Sales of segment has gone
down 45.42% to Rs 149.00 crore (accounting for 1.40% of total
sales). Sales of segment has gone up 22.66% to Rs 10,398.00 crore
(accounting for 97.69% of total sales). Sales of Others segment has
gone down 14.91% to Rs 97.00 crore (accounting for 0.91% of total
sales).
Profit before interest, tax and other
unallocable items (PBIT) has slumped 17.23% to Rs 831.00 crore. PBIT
of segment fell 51.54% to Rs 63.00 crore (accounting for 7.58% of total
PBIT). PBIT of segment fell 7.13% to Rs 781.00 crore (accounting for
93.98% of total PBIT). PBIT of Others reported loss of Rs 13.00
crore compared to profit of Rs 33.00 crore.
PBIT margin of segment fell from 47.62%
to 42.28%. PBIT margin of segment fell from 9.92% to
7.51%. PBIT margin of Others segment fell from 28.95% to
13.40%. Overall PBIT margin fell from 11.33% to 7.81%.
Operating profit margin has declined from 11.89% to 8.33%, leading to
15.84% decline in operating profit to Rs 887.00 crore. Raw material
cost as a % of total sales (net of stock adjustments) increased from 35.70% to
42.83%. Employee cost increased from 8.57% to 9.00%.
Other expenses fell from 43.80% to 39.87%. Other direct
service cost fell from 35.60% to 31.08%.
Other income rose 12.24% to Rs 55
crore. PBIDT fell 14.60% to Rs 942 crore. Provision for
interest fell 12.35% to Rs 298 crore.
PBDT fell 15.60% to Rs 644
crore. Provision for depreciation fell 6.57% to Rs 270
crore.
Profit before tax down 21.10% to Rs 374.00 crore. Share of
profit/loss was 9.09% higher at Rs -20 crore. Extraordinary items
were decreased to Rs 185.00 crore. Provision for tax was expense of
Rs 119 crore, compared to Rs 187 crore. Effective tax rate was
22.08% compared to 28.25%.
Minority interest was nil in both the
periods. Net profit attributable to owners of the company decreased
15.49% to Rs 420.00 crore.
Others
Promoters’ stake was 51.58% as of 31
December 2021, compared to 56.49% as of 31 December 2020. Promoters
pledged stake was 50.00% as of 31 December 2021, compared to 55.32% as of 31
December 2020. Management Comments :
Commenting on the results, Mr. Manish Mohnot, MD & CEO, KPTL said:
“We have delivered a robust performance at consolidated level with double-digit revenue growth, stable EBITDA
margin, record order inflows including L1 and notable decline in net debt. Despite the challenging operating
environment laden with inflated input prices and competitive pressure, we continue to drive value accretive growth in
our chosen business verticals by expanding international presence and strengthening our market position with a
cautious approach. This is reflective in our record order inflows and L1 position in core T&D, B&F and Water
businesses along with widened international presence in three new countries during the year.
As part of our strategy to strengthen our core EPC business, we have achieved divestment of T&D BOOT assets.
Simultaneously, we are working on sustainable solutions for our Road BOOT assets and divestment of other noncore businesses.
In the near-term, we expect the operating environment to continue to remain challenging. In this scenario, we will
manage our business with agility, with continued focus on improving project delivery and high emphasis on maintain
healthy margins. We will continue to drive consistent and profitable growth through strengthening core business
verticals, scaling up international markets, cost management and optimal investments.”
| Kalpataru Power Transmission : Consolidated Results | | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 3,889.00 | 3,501.00 | 11.08 | 10,642.00 | 8,863.00 | 20.07 | 12,949.00 | 12,676.00 | 2.15 | | OPM (%) | 8.18 | 11.08 | -291 bps | 8.33 | 11.89 | -356 bps | 11.65 | 11.71 | -5 bps | | OP | 318.00 | 388.00 | -18.04 | 887.00 | 1,054.00 | -15.84 | 1,509.00 | 1,484.00 | 1.68 | | Other Inc. | 27.00 | 19.00 | 42.11 | 55.00 | 49.00 | 12.24 | 67.00 | 44.00 | 52.27 | | PBIDT | 345.00 | 407.00 | -15.23 | 942.00 | 1,103.00 | -14.60 | 1,576.00 | 1,528.00 | 3.14 | | Interest | 102.00 | 103.00 | -0.97 | 298.00 | 340.00 | -12.35 | 436.00 | 521.00 | -16.31 | | PBDT | 243.00 | 304.00 | -20.07 | 644.00 | 763.00 | -15.60 | 1,140.00 | 1,007.00 | 13.21 | | Depreciation | 93 | 95 | -2.11 | 270 | 289 | -6.57 | 373 | 340 | 9.71 | | PBT | 150.00 | 209.00 | -28.23 | 374 | 474 | -21.10 | 767 | 667 | 14.99 | | Share of Profit/(Loss) from Associates | -2 | -5 | 60.00 | -20 | -22 | 9.09 | -32 | -23 | -39.13 | | PBT before EO | 148 | 204 | -27.45 | 354 | 452 | -21.68 | 735 | 644 | 14.13 | | EO Income | 200 | 206 | -2.91 | 185 | 210 | -11.90 | 210 | 4 | 5,150.00 | | PBT after EO | 348 | 410 | -15.12 | 539 | 662 | -18.58 | 945 | 648 | 45.83 | | Taxation | 89 | 102 | -12.75 | 119 | 187 | -36.36 | 283 | 258 | 9.69 | | PAT | 259 | 308 | -15.91 | 420 | 475 | -11.58 | 662 | 390 | 69.74 | | Minority Interest (MI) | 0 | 0 | - | 0 | -22 | - | -9 | 0 | - | | Net profit | 259 | 308 | -15.91 | 420 | 497 | -15.49 | 671 | 390 | 72.05 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 259 | 308 | -15.91 | 420 | 497 | -15.49 | 671 | 390 | 72.05 | | EPS (Rs)* | 7.38 | 10.25 | -28.02 | 18.43 | 22.68 | -18.74 | 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) | 202112 | 202012 | Var.(%) | % of (Total) | 202112 | 202012 | Var.(%) | % of (Total) | 202103 | 202003 | Var.(%) |
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| Sales | | EPC | 0.00 | 0.00 | 0.00 | - | | Development Projects | 0.00 | 0.00 | 0.00 | - | | | 1.70 | 66.00 | 91.00 | -27.47 | 1.40 | 149.00 | 273.00 | -45.42 | 2.87 | 371.00 | 345.00 | 7.54 | | | 97.66 | 3,799.00 | 3,372.00 | 12.66 | 97.69 | 10,398.00 | 8,477.00 | 22.66 | 95.96 | 12,424.00 | 12,195.00 | 1.88 | | Others | 0.64 | 25.00 | 38.00 | -34.21 | 0.91 | 97.00 | 114.00 | -14.91 | 1.17 | 152.00 | 142.00 | 7.04 | | Total Reported Sales | 100.00 | 3,890.00 | 3,501.00 | 11.11 | 100.00 | 10,644.00 | 8,864.00 | 20.08 | 100.00 | 12,947.00 | 12,682.00 | 2.09 | | Less: Inter segment revenues | | 1.00 | 0.00 | - | | 2.00 | 0.00 | | -2.00 | 6.00 | PL | | Net Sales | 100.00 | 3,889.00 | 3,501.00 | 11.08 | 100.00 | 10,642.00 | 8,864.00 | 20.06 | 100.00 | 12,949.00 | 12,676.00 | 2.15 | | PBIT | | EPC | 0.00 | 0.00 | 0.00 | - | | Development Projects | 0.00 | 0.00 | 0.00 | - | | | 7.66 | 34.00 | 35.00 | -2.86 | 7.58 | 63.00 | 130.00 | -51.54 | 12.65 | 175.00 | 131.00 | 33.59 | | | 97.75 | 434.00 | 467.00 | -7.07 | 93.98 | 781.00 | 841.00 | -7.13 | 84.67 | 1,171.00 | 1,000.00 | 17.10 | | Others | -5.41 | -24.00 | 9.00 | PL | -1.56 | -13.00 | 33.00 | PL | 2.68 | 37.00 | 25.00 | 48.00 | | Total PBIT | 100.00 | 444.00 | 511.00 | -13.11 | 100.00 | 831.00 | 1,004.00 | -17.23 | 100.00 | 1,383.00 | 1,156.00 | 19.64 | | Less : Interest | | 102.00 | 103.00 | -0.97 | | 298.00 | 340.00 | -12.35 | | 436.00 | 521.00 | -16.31 | | Add: Other un-allcoable | | 6.00 | 2.00 | 200.00 | | 6.00 | -2.00 | LP | | -2.00 | 13.00 | PL | | PBIT Margin(%) | | EPC | | 0.00 | 0.00 | 0.00 | | Development Projects | | 0.00 | 0.00 | 0.00 | | | | 51.52 | 38.46 | 1,305.36 | | 42.28 | 47.62 | -533.72 | | 47.17 | 37.97 | 919.88 | | | | 11.42 | 13.85 | -242.53 | | 7.51 | 9.92 | -240.99 | | 9.43 | 8.20 | 122.52 | | Others | | -96.00 | 23.68 | -11,968.42 | | -13.40 | 28.95 | -4,234.94 | | 24.34 | 17.61 | 673.65 | | PBT | 100.00 | 348.00 | 410.00 | -15.12 | 100.00 | 539.00 | 662.00 | -18.58 | 100.00 | 945.00 | 648.00 | 45.83 |
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| Kalpataru Power Transmission : Standalone Results | | Quarter ended | Year to Date | Year ended |
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| Particulars | 202112 | 202012 | Var.(%) | 202112 | 202012 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 1,848.00 | 1,993.00 | -7.28 | 5,052.00 | 5,334.00 | -5.29 | 7,671.00 | 7,904.00 | -2.95 | | OPM (%) | 9.09 | 10.39 | -130 bps | 9.54 | 10.59 | -105 bps | 10.53 | 10.88 | -35 bps | | OP | 168.00 | 207.00 | -18.84 | 482.00 | 565.00 | -14.69 | 808.00 | 860.00 | -6.05 | | Other Inc. | 27.00 | 19.00 | 42.11 | 62.00 | 65.00 | -4.62 | 79.00 | 58.00 | 36.21 | | PBIDT | 195.00 | 226.00 | -13.72 | 544.00 | 630.00 | -13.65 | 887.00 | 918.00 | -3.38 | | Interest | 32 | 23 | 39.13 | 94 | 81 | 16.05 | 109 | 166 | -34.34 | | PBDT | 163.00 | 203.00 | -19.70 | 450.00 | 549.00 | -18.03 | 778.00 | 752.00 | 3.46 | | Depreciation | 26 | 29 | -10.34 | 79 | 87 | -9.20 | 115 | 110 | 4.55 | | PBT | 137.00 | 174.00 | -21.26 | 371 | 462 | -19.70 | 663 | 642 | 3.27 | | PBT before EO | 137 | 174 | -21.26 | 371 | 462 | -19.70 | 663 | 642 | 3.27 | | EO Income | 262 | 154 | 70.13 | 217 | 168 | 29.17 | 168 | 24 | 600.00 | | PBT after EO | 399 | 328 | 21.65 | 588 | 630 | -6.67 | 831 | 666 | 24.77 | | Taxation | 84 | 71 | 18.31 | 160 | 145 | 10.34 | 216 | 203 | 6.40 | | PAT | 315 | 257 | 22.57 | 428 | 485 | -11.75 | 615 | 463 | 32.83 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 315 | 257 | 22.57 | 428 | 485 | -11.75 | 615 | 463 | 32.83 | | EPS (Rs)* | 7.26 | 9.16 | -20.67 | 18.14 | 23.89 | -24.07 | 32.95 | 29.97 | 9.94 | | | * 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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