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Results
12-Feb-23
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Analysis
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Kalpataru Power Transmission
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Net down 56% on lower EO Income
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Consolidated
net sales (including other operating income) of Kalpataru Power Transmission
has increased 2.96% to Rs 4004 crore. Operating profit margin has jumped
from 8.18% to 9.34%, leading to 17.61% rise in operating profit to Rs 374.00
crore. Raw material cost as a % of total sales (net of stock
adjustments) decreased from 44.62% to 40.72%. Employee cost
increased from 8.78% to 9.35%. Other expenses rose from 38.32% to
40.57%. Other direct service cost rose from 27.90% to 33.63%.
Other income fell 92.59% to Rs 2 crore. PBIDT rose 8.99% to Rs 376
crore. Provision for interest rose 16.67% to Rs 119 crore.
PBDT rose 5.76% to Rs 257 crore. Provision for depreciation rose
5.38% to Rs 98 crore. Profit before tax grew 6% to Rs 159.00
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 50 crore, compared to
Rs 89 crore. Effective tax rate was 31.45% compared to 25.57%.
Minority interest increased 18.18% to Rs -9.00 crore. Net profit
attributable to owners of the company decreased 56.30% to Rs 118.00
crore.
Sales of Development Projects segment
has gone down 12.12% to Rs 58.00 crore (accounting for 1.45% of total
sales). Sales of EPC segment has gone up 3.32% to Rs 3,925.00 crore
(accounting for 97.95% of total sales). Sales of Others segment has
gone down 4.00% to Rs 24.00 crore (accounting for 0.60% of total
sales). Inter-segment sales rose Rs 1.00 crore to Rs 3.00
crore.
Profit before interest, tax and other
unallocable items (PBIT) has slumped 38.96% to Rs 271.00 crore. PBIT
of Development Projects segment fell 17.65% to Rs 28.00 crore (accounting for
10.33% of total PBIT). PBIT of EPC segment fell 44.01% to Rs 243.00
crore (accounting for 89.67% of total PBIT).
PBIT margin of Development Projects
segment fell from 51.52% to 48.28%. PBIT margin of EPC segment fell
from 11.42% to 6.19%. Overall PBIT margin fell from 11.41% to
6.76%.
Nine month performance
Net sales (including other operating income) of Kalpataru Power Transmission
has increased 7.87% to Rs 11479 crore. Operating profit margin has
jumped from 8.33% to 9.04%, leading to 17.02% rise in operating profit to Rs
1,038.00 crore. Raw material cost as a % of total sales (net of
stock adjustments) decreased from 42.83% to 42.50%. Employee cost
increased from 9.00% to 9.18%. Other expenses fell from 39.87% to
39.32%. Other direct service cost rose from 31.08% to 32.39%.
Other income fell 52.73% to Rs 26 crore. PBIDT rose
12.95% to Rs 1064 crore. Provision for interest rose 12.42% to Rs
335 crore.
PBDT rose 1.20% to Rs 729
crore. Provision for depreciation rose 4.44% to Rs 282
crore. Profit before tax grew 19.52% to Rs 447.00
crore. Share of profit/loss were nil in both the
periods. Provision for tax was expense of Rs 135 crore, compared to
Rs 119 crore. Effective tax rate was 31.40% compared to 22.08%.
Sales of Development Projects segment has gone up 32.89% to Rs 198.00
crore (accounting for 1.72% of total sales). Sales of EPC segment
has gone up 7.71% to Rs 11,200.00 crore (accounting for 97.53% of total
sales). Sales of Others segment has gone down 11.34% to Rs 86.00
crore (accounting for 0.75% of total sales). Inter-segment sales
rose Rs 2.00 crore to Rs 5.00 crore.
Profit before interest, tax and other
unallocable items (PBIT) has slumped 10.71% to Rs 742.00 crore. PBIT
of Development Projects segment rose 19.05% to Rs 75.00 crore (accounting for
10.11% of total PBIT). PBIT of EPC segment fell 13.57% to Rs 675.00
crore (accounting for 90.97% of total PBIT). PBIT of Others segment
rose 38.46% to Rs -8.00 crore (accounting for -1.08% of total
PBIT).
PBIT margin of Development Projects
segment fell from 42.28% to 37.88%. PBIT margin of EPC segment fell
from 7.51% to 6.03%. PBIT margin of Others segment rose from
negative 13.40% to negative 9.30%. Overall PBIT margin fell from
7.81% to 6.46%.
Order book update
Standalone order Book at all-time high
of ?41,442 Crore as on 31 Dec 2022; Additional L1 position of Rs. 5,200 Crore.
Secured orders of ?19,487 Crores till
date in FY23. Record order inflows across T&D, B&F, Water &
Urban Infra business.
Commenting on the results, Mr. Manish Mohnot, MD & CEO, KPTL
said: “This has been a period of focusing on our positioning for the
future as we consummate the merger of JMC with KPTL. The merger strengthens our
business model and sets us strong to reap the benefits of global energy
transition and infrastructure development in India and international markets.
We are uniquely placed given our differentiated civil-engineering-led
capabilities, international presence and healthy balance sheet to accelerate
profitable growth. We have delivered a good performance in the quarter
underpinned by strong operational execution despite the continued cost pressure
and macro headwinds. An EBITDA margin of 9% range, demonstrates the strength of
our profitable growth-led execution business model. Our T&D
(international), Water, B&F and Urban Infra business are seeing robust
traction, as our order wins are at a record high. We continue to progress on
improving our working capital intensity, speedier project closures and
divesting non-core assets in order to further optimise our debt levels”.
Other developments
Merger of JMC Projects (India) Ltd.
with KPTL completed and the record date for allotment of shares was 11th
January 2023, newly issued shares listed on 1st February 2023.
Net Debt as on 31st December 2022 at Rs
2,896 crores.
Promoters’ stake was 51.53% as of 31
December 2022 ,compared to 51.58% as of 31 December 2021 . Promoters
pledged stake was 48.84% as of 31 December 2022 ,compared to 50.00% as of 31
December 2021 .
Kalpataru Power Transmission : Consolidated Results | | Quarter ended | Year to Date | Year ended |
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Particulars | 202212 | 202112 | Var.(%) | 202212 | 202112 | Var.(%) | 202203 | 202103 | Var.(%) |
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Net Sales (including other operating income) | 4,004.00 | 3,889.00 | 2.96 | 11,479.00 | 10,642.00 | 7.87 | 14,777.00 | 12,949.00 | 14.12 | OPM (%) | 9.34 | 8.18 | 116 bps | 9.04 | 8.33 | 71 bps | 8.05 | 11.65 | -361 bps | OP | 374.00 | 318.00 | 17.61 | 1,038.00 | 887.00 | 17.02 | 1,189.00 | 1,509.00 | -21.21 | Other Inc. | 2.00 | 27.00 | -92.59 | 26.00 | 55.00 | -52.73 | 89.00 | 67.00 | 32.84 | PBIDT | 376.00 | 345.00 | 8.99 | 1,064.00 | 942.00 | 12.95 | 1,278.00 | 1,576.00 | -18.91 | Interest | 119.00 | 102.00 | 16.67 | 335.00 | 298.00 | 12.42 | 396.00 | 436.00 | -9.17 | PBDT | 257.00 | 243.00 | 5.76 | 729.00 | 644.00 | 13.20 | 882.00 | 1,140.00 | -22.63 | Depreciation | 98 | 93 | 5.38 | 282 | 270 | 4.44 | 351 | 373 | -5.90 | PBT | 159.00 | 150.00 | 6.00 | 447 | 374 | 19.52 | 531 | 767 | -30.77 | Share of Profit/(Loss) from Associates | 0 | -2 | - | 0 | -20 | - | -20 | -32 | 37.50 | PBT before EO | 159 | 148 | 7.43 | 447 | 354 | 26.27 | 511 | 735 | -30.48 | EO Income | 0 | 200 | - | -17 | 185 | PL | 185 | 210 | -11.90 | PBT after EO | 159 | 348 | -54.31 | 430 | 539 | -20.22 | 696 | 945 | -26.35 | Taxation | 50 | 89 | -43.82 | 135 | 119 | 13.45 | 161 | 283 | -43.11 | PAT | 109 | 259 | -57.92 | 295 | 420 | -29.76 | 535 | 662 | -19.18 | Minority Interest (MI) | -9 | -11 | 18.18 | 10 | -13 | PL | -5 | -9 | 44.44 | Net profit | 118 | 270 | -56.30 | 285 | 433 | -34.18 | 540 | 671 | -19.52 | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | 0 | 0 | - | Net profit after discontinued operations | 118 | 270 | -56.30 | 285 | 433 | -34.18 | 540 | 671 | -19.52 | EPS (Rs)* | 7.26 | 7.05 | 2.99 | 18.24 | 17.43 | 4.66 | 24.33 | 32.00 | -23.96 | | * EPS is on current equity of Rs 32.49 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 | | Quarter ended | Year to Date | Year ended |
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| % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202212 | 202112 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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Sales | Transmission & Distribution | 0.00 | 0.00 | 0.00 | - | Development Projects | 1.45 | 58.00 | 66.00 | -12.12 | 1.72 | 198.00 | 149.00 | 32.89 | EPC | 97.95 | 3,925.00 | 3,799.00 | 3.32 | 97.53 | 11,200.00 | 10,398.00 | 7.71 | 97.73 | 14,443.00 | 12,424.00 | 16.25 | Others | 0.60 | 24.00 | 25.00 | -4.00 | 0.75 | 86.00 | 97.00 | -11.34 | 0.83 | 123.00 | 152.00 | -19.08 | Total Reported Sales | 100.00 | 4,007.00 | 3,890.00 | 3.01 | 100.00 | 11,484.00 | 10,644.00 | 7.89 | 100.00 | 14,779.00 | 12,947.00 | 14.15 | Less: Inter segment revenues | | 3.00 | 1.00 | 200.00 | | 5.00 | 2.00 | 150.00 | | 2.00 | -2.00 | LP | Net Sales | 100.00 | 4,004.00 | 3,889.00 | 2.96 | 100.00 | 11,479.00 | 10,642.00 | 7.87 | 100.00 | 14,777.00 | 12,949.00 | 14.12 | PBIT | Transmission & Distribution | 0.00 | 0.00 | 0.00 | - | Development Projects | 10.33 | 28.00 | 34.00 | -17.65 | 10.11 | 75.00 | 63.00 | 19.05 | EPC | 89.67 | 243.00 | 434.00 | -44.01 | 90.97 | 675.00 | 781.00 | -13.57 | 90.71 | 977.00 | 1,171.00 | -16.57 | Others | 0.00 | 0.00 | -24.00 | - | -1.08 | -8.00 | -13.00 | 38.46 | -0.28 | -3.00 | 37.00 | PL | Total PBIT | 100.00 | 271.00 | 444.00 | -38.96 | 100.00 | 742.00 | 831.00 | -10.71 | 100.00 | 1,077.00 | 1,383.00 | -22.13 | Less : Interest | | 119.00 | 102.00 | 16.67 | | 335.00 | 298.00 | 12.42 | | 396.00 | 436.00 | -9.17 | Add: Other un-allcoable | | 7.00 | 6.00 | 16.67 | | 23.00 | 6.00 | 283.33 | | 15.00 | -2.00 | LP | PBIT Margin(%) | Transmission & Distribution | | 0.00 | 0.00 | 0.00 | Development Projects | | 48.28 | 51.52 | -323.93 | | 37.88 | 42.28 | -440.31 | | 48.36 | 0.00 | 4,835.68 | | 0.00 | 47.17 | -4,716.98 | EPC | | 6.19 | 11.42 | -523.30 | | 6.03 | 7.51 | -148.43 | | 6.76 | 9.43 | -266.08 | Others | | 0.00 | -96.00 | 9,600.00 | | -9.30 | -13.40 | 409.97 | | -2.44 | 24.34 | -2,678.11 | PBT | 100.00 | 159.00 | 348.00 | -54.31 | 100.00 | 430.00 | 539.00 | -20.22 | 100.00 | 696.00 | 945.00 | -26.35 |
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