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Results
16-May-22
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Analysis
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Kalpataru Power Transmission
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Net down 39% on weak operating show
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Consolidated net sales (including other operating income) of Kalpataru Power Transmission has increased 1.20% to Rs 4135 crore as lower execution due to supply constraints especially in power T&D. Operating profit margin has declined from 11.14% to 7.30%, leading to 33.63% decline in operating profit to Rs 302.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 38.80% to 45.36%. Employee cost increased from 6.94% to 8.31%. Other expenses fell from 43.15% to 38.94%. Other direct service cost fell from 34.94% to 33.72%. Other income rose 88.89% to Rs 34 crore. PBIDT fell 28.96% to Rs 336 crore. Provision for interest rose 2.08% to Rs 98 crore. PBDT fell 36.87% to Rs 238 crore. Provision for depreciation fell 3.57% to Rs 81 crore. Profit before tax down 46.42% to Rs 157.00 crore. Share of profit/loss were nil in both the periods. Provision for tax was expense of Rs 42 crore, compared to Rs 96 crore. Effective tax rate was 26.75% compared to 33.92%. Minority interest decreased 38.46% to Rs 8.00 crore. Net profit attributable to owners of the company decreased 38.51% to Rs 107.00 crore. Sales of Development Projects segment has gone down 34.69% to Rs 64.00 crore (accounting for 1.55% of total sales). Sales of EPC segment has gone up 2.48% to Rs 4,045.00 crore (accounting for 97.82% of total sales). Sales of Others segment has gone down 31.58% to Rs 26.00 crore (accounting for 0.63% of total sales). Profit before interest, tax and other unallocable items (PBIT) has slumped 35.09% to Rs 246.00 crore. PBIT of Development Projects segment fell 11.11% to Rs 40.00 crore (accounting for 16.26% of total PBIT). PBIT of EPC segment fell 40.61% to Rs 196.00 crore (accounting for 79.67% of total PBIT). PBIT of Others segment rose 150.00% to Rs 10.00 crore (accounting for 4.07% of total PBIT). PBIT margin of Development Projects segment rose from 45.92% to 62.50%. PBIT margin of EPC segment fell from 8.36% to 4.85%. PBIT margin of Others segment rose from 10.53% to 38.46%. Overall PBIT margin fell from 9.28% to 5.95%.
Yearly performance
Net sales (including other operating income) of Kalpataru Power Transmission has increased 14.12% to Rs 14777 crore. Sales of Development Projects segment has gone down 42.59% to Rs 213.00 crore (accounting for 1.44% of total sales). Sales of EPC segment has gone up 16.25% to Rs 14,443.00 crore (accounting for 97.73% of total sales). Sales of Others segment has gone down 19.08% to Rs 123.00 crore (accounting for 0.83% of total sales). Inter-segment sales rose Rs -2.00 crore to Rs 2.00 crore. Profit before interest, tax and other unallocable items (PBIT) has slumped 22.13% to Rs 1,077.00 crore. PBIT of Development Projects segment fell 41.14% to Rs 103.00 crore (accounting for 9.56% of total PBIT). PBIT of EPC segment fell 16.57% to Rs 977.00 crore (accounting for 90.71% of total PBIT). PBIT of Others reported loss of Rs 3.00 crore compared to profit of Rs 37.00 crore. PBIT margin of Development Projects segment rose from 47.17% to 48.36%. PBIT margin of EPC segment fell from 9.43% to 6.76%. PBIT margin of Others segment fell from 24.34% to 2.44%. Overall PBIT margin fell from 10.68% to 7.29%. Operating profit margin has declined from 11.65% to 8.05%, leading to 21.21% decline in operating profit to Rs 1,189.00 crore. Raw material cost as a % of total sales (net of stock adjustments) increased from 36.68% to 43.53%. Employee cost increased from 8.06% to 8.81%. Other expenses fell from 43.59% to 39.61%. Other direct service cost fell from 35.55% to 31.81%. Other income rose 32.84% to Rs 89 crore. PBIDT fell 18.91% to Rs 1278 crore. Provision for interest fell 9.17% to Rs 396 crore. PBDT fell 22.63% to Rs 882 crore. Provision for depreciation fell 5.90% to Rs 351 crore. Profit before tax down 30.77% to Rs 531.00 crore. Share of profit/loss was 37.50% higher at Rs -20 crore. Extraordinary items were decreased to Rs 185.00 crore. Provision for tax was expense of Rs 161 crore, compared to Rs 283 crore. Effective tax rate was 23.13% compared to 29.95%. Minority interest increased 44.44% to Rs -5.00 crore. Net profit attributable to owners of the company decreased 19.52% to Rs 540.00 crore. Order book Orders received on consolidated basis in FY22 is Rs 18,161 crores, up 11% (YoY). And the consolidated order book at Rs 32,761 crores as on 31 Mar
2022, up 17% (YoY). Received new orders of Rs 3,819 Crores till date in FY23; Additional L1 of ? 4,200 Crores. KPTL order book as on 31 Mar 2022 stood at ? 15,759 crores, up 13% (YoY) with its FY22 order intake was RS 8159 crore including Rs 4598 crore orders received in Q4FY22. Order inflows till date in FY23 at ? 1,626 Crores; Additional L1 of around ? 1,500 Crores. JMC Order book as on 31 Mar 2022 stood at ? 17,139 crores, up 22% (YoY) with FY22 order inflow being Rs 10139 crore including RS 155 crore orders bagged in Q4FY22. Secured new orders of ? 2,193 Crores till date in FY23; Additional L1 of around Rs.2,700 crores Other developments Consolidated net debt declines by ? 402 crores to ? 1,902 crores on account of
effective working capital management, record project closures and proceeds from
sale of T&D BOOT assets Equity capital stood at Rs 30.00 crore as of 31 March 2022 to Rs 30.00 crore as of 31 March 2021. Per share face Value remained same at Rs 2.00. Promoters’ stake was 51.58% as of 31 March 2022 ,compared to 56.49% as of 31 March 2021 . Promoters pledged stake was 51.84% as of 31 March 2022 ,compared to 50.80% as of 31 March 2021 . Loan funds rose to Rs 3,837.00 crore as of 31 March 2022 from Rs 3,259.00 crore as of 31 March 2021. Inventories rose to Rs 1,096.00 crore as of 31 March 2022 from Rs 1,071.00 crore as of 31 March 2021. Sundry debtors were lower at Rs 4,577.00 crore as of 31 March 2022 compared to Rs 5,017.00 crore as of 31 March 2021. Cash and bank balance rose to Rs 1,194.00 crore as of 31 March 2022 from Rs 592.00 crore as of 31 March 2021. Investments rose to Rs 5.00 crore as of 31 March 2022 from Rs 1.00 crore as of 31 March 2021 . Fixed assets increased to Rs 3,400.00 crore as of 31 March 2022 from Rs 3,392.00 crore as of 31 March 2021. Intangible assets increased from Rs 115.00 crore to Rs 184.00 crore. Cash flow from operating activities decreased to Rs 714.00 crore for year ended March 2022 from Rs 931.00 crore for year ended March 2021. Cash flow used in acquiring fixed assets during the year ended March 2022 stood at Rs 309.00 crore, compared to Rs 262.00 crore during the year ended March 2021.
Management Comments :
Commenting on the results, Mr. Manish Mohnot, MD & CEO, KPTL said:
“Despite the unprecedented headwinds due to geo-political uncertainties, rising commodity and logistics cost, KPTL
and JMC has delivered a noteworthy performance on various fronts including record revenue, improved business
mix, all-time high order inflows, notable decline in net debt and sustained profitability.
Our relentless focus over the past few years to priortise growth in core EPC business and strengthening international
business has yielded positive results as we achieved robust broad-based growth across leading businesses. Our
T&D business in FY22 reflects a fairly strong financial and operational resilience, as we gained significant order wins
and continued to maintain momentum in project delivery despite numerous hindrances in the operating environment.
We have successfully scaled up JMC’s international presence by securing new projects of over ? 3,200 crores in
Africa and Maldives. I am pleased to report that our B&F and Water businesses has reported record turnover and
order inflows in FY22.
I am particularly happy with the progress our Company is making in the Nordic market through LMG, as it reported
strong revenue growth and improved profitability since our acquisition in March 2019. This is a true testament to our
ability to build sustainable businesses through value accretive M&A in strategic markets.
We have continued our de-leveraging journey alongside pursuing business growth, capex and M&A’s over the past
few years, resulting in decline of net debt from Rs.3,458 Crores in FY20 to INR 1,902 crores in FY22. Our persistent
focus on efficient working capital cash conversion, speedy project closures and maintaining capital discipline has
helped us to strengthen our balance sheet.
Going forward, we will continue with our strategy to drive sustainable and profitable growth by: (1) Accelerating growth
in core business, (2) Building efficiencies to improve competiveness, (3) Sharpen capabilities by improving integration
with JMC and (4) Strengthening balance sheet through debt reduction and efficient capital management. We are also
committed to enhance growth profile of our international subsidiaries in Sweden and Brazil. With confidence in our
plans and positive momentum in our business, we expect good performance in coming quarters.”
| Kalpataru Power Transmission : Consolidated Results | | | Quarter ended | Year ended |
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| Particulars | 202203 | 202103 | Var.(%) | 202203 | 202103 | Var.(%) |
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| Net Sales (including other operating income) | 4,135.00 | 4,086.00 | 1.20 | 14,777.00 | 12,949.00 | 14.12 | | OPM (%) | 7.30 | 11.14 | -383 bps | 8.05 | 11.65 | -361 bps | | OP | 302.00 | 455.00 | -33.63 | 1,189.00 | 1,509.00 | -21.21 | | Other Inc. | 34.00 | 18.00 | 88.89 | 89.00 | 67.00 | 32.84 | | PBIDT | 336.00 | 473.00 | -28.96 | 1,278.00 | 1,576.00 | -18.91 | | Interest | 98.00 | 96.00 | 2.08 | 396.00 | 436.00 | -9.17 | | PBDT | 238.00 | 377.00 | -36.87 | 882.00 | 1,140.00 | -22.63 | | Depreciation | 81 | 84 | -3.57 | 351 | 373 | -5.90 | | PBT | 157.00 | 293.00 | -46.42 | 531 | 767 | -30.77 | | Share of Profit/(Loss) from Associates | 0 | -10 | - | -20 | -32 | 37.50 | | PBT before EO | 157 | 283 | -44.52 | 511 | 735 | -30.48 | | EO Income | 0 | 0 | - | 185 | 210 | -11.90 | | PBT after EO | 157 | 283 | -44.52 | 696 | 945 | -26.35 | | Taxation | 42 | 96 | -56.25 | 161 | 283 | -43.11 | | PAT | 115 | 187 | -38.50 | 535 | 662 | -19.18 | | Minority Interest (MI) | 8 | 13 | -38.46 | -5 | -9 | 44.44 | | Net profit | 107 | 174 | -38.51 | 540 | 671 | -19.52 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 107 | 174 | -38.51 | 540 | 671 | -19.52 | | EPS (Rs)* | 7.19 | 11.69 | -38.51 | 26.55 | 34.91 | -23.96 | | | * 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 | | | Quarter ended | Year ended |
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| % of (Total) | 202203 | 202103 | Var.(%) | % of (Total) | 202203 | 202103 | Var.(%) |
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| Sales | | Transmission & Distribution | 0.00 | 0.00 | 0.00 | - | | Real Estate | 0.00 | 0.00 | 0.00 | - | | Development Projects | 1.55 | 64.00 | 98.00 | -34.69 | 1.44 | 213.00 | 371.00 | -42.59 | | EPC | 97.82 | 4,045.00 | 3,947.00 | 2.48 | 97.73 | 14,443.00 | 12,424.00 | 16.25 | | Others | 0.63 | 26.00 | 38.00 | -31.58 | 0.83 | 123.00 | 152.00 | -19.08 | | Total Reported Sales | 100.00 | 4,135.00 | 4,083.00 | 1.27 | 100.00 | 14,779.00 | 12,947.00 | 14.15 | | Less: Inter segment revenues | | 0.00 | -3.00 | - | | 2.00 | -2.00 | LP | | Net Sales | 100.00 | 4,135.00 | 4,086.00 | 1.20 | 100.00 | 14,777.00 | 12,949.00 | 14.12 | | PBIT | | Transmission & Distribution | 0.00 | 0.00 | 0.00 | - | | Real Estate | 0.00 | 0.00 | 0.00 | - | | Development Projects | 16.26 | 40.00 | 45.00 | -11.11 | 9.56 | 103.00 | 175.00 | -41.14 | | EPC | 79.67 | 196.00 | 330.00 | -40.61 | 90.71 | 977.00 | 1,171.00 | -16.57 | | Others | 4.07 | 10.00 | 4.00 | 150.00 | -0.28 | -3.00 | 37.00 | PL | | Total PBIT | 100.00 | 246.00 | 379.00 | -35.09 | 100.00 | 1,077.00 | 1,383.00 | -22.13 | | Less : Interest | | 98.00 | 96.00 | 2.08 | | 396.00 | 436.00 | -9.17 | | Add: Other un-allcoable | | 9.00 | 0.00 | - | | 15.00 | -2.00 | LP | | PBIT Margin(%) | | Transmission & Distribution | | 0.00 | 0.00 | 0.00 | | Real Estate | | 0.00 | 0.00 | 0.00 | | Development Projects | | 62.50 | 45.92 | 1,658.16 | | 48.36 | 47.17 | 118.70 | | EPC | | 4.85 | 8.36 | -351.53 | | 6.76 | 9.43 | -266.08 | | Others | | 38.46 | 10.53 | 2,793.52 | | -2.44 | 24.34 | -2,678.11 | | PBT | 100.00 | 157.00 | 283.00 | -44.52 | 100.00 | 696.00 | 945.00 | -26.35 |
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