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Results
05-Aug-21
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Analysis
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Kalpataru Power Transmission
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Sale up 8%, net up 10%
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Standalone net sales (including other operating income) of Kalpataru Power
Transmission for the quarter ended June 2021 has increased 8.70% to Rs 1,586.00
crore. Operating profit margin has slumped from 10.69% to 10.21%,
leading to 3.85% rise in operating profit to Rs 162.00 crore. Raw
material cost as a % of total sales (net of stock adjustments) decreased from
39.23% to 35.33%. Employee cost decreased from 9.84% to 8.19%.
Other expenses rose from 39.80% to 46.58%. Other direct
service cost rose from 31.67% to 36.86%. Other income up 55.56% to
Rs 14 crore. Provision for interest fell 2.86% to Rs 34
crore. Provision for depreciation down 10.34% to Rs 26
crore. Profit before tax grew 14.85% to Rs 116.00
crore. Provision for tax was expense of Rs 40 crore, compared to Rs
32 crore. Effective tax rate was 34.48% compared to 31.68%. Profit
after tax rose 10.14% to Rs 76.00 crore.
Consolidated
quarterly performance
Consolidated net
sales (including other operating income) for the quarter ended June 2021 has
increased 37.51% to Rs 3204 crore. Sales of Development Projects
segment has gone down 52.50% to Rs 38.00 crore (accounting for 1.19% of total
sales). Sales of EPC segment has gone up 41.09% to Rs 3,128.00 crore
(accounting for 97.60% of total sales). Sales of Others segment has
gone up 18.18% to Rs 39.00 crore (accounting for 1.22% of total sales). Profit
before interest, tax and other unallocable items (PBIT) has jumped 24.31% to Rs
225.00 crore. PBIT of Development Projects segment fell 59.46% to Rs
15.00 crore (accounting for 6.67% of total PBIT). PBIT of EPC
segment rose 48.53% to Rs 202.00 crore (accounting for 89.78% of total
PBIT). PBIT of Others segment fell 0.00% to Rs 8.00 crore
(accounting for 3.56% of total PBIT). PBIT margin of Development
Projects segment fell from 46.25% to 39.47%. PBIT margin of EPC
segment rose from 6.13% to 6.46%. PBIT margin of Others segment fell
from 24.24% to 20.51%. Overall PBIT margin fell from 7.77% to
7.02%. Operating profit margin has slumped from 11.93% to 9.55%,
leading to 10.07% rise in operating profit to Rs 306.00 crore. Other
income rose 180% to Rs 14 crore. Provision for interest fell 20.97%
to Rs 98 crore. Provision for depreciation fell 10.42% to Rs 86
crore. Profit before tax grew 115.87% to Rs 136.00
crore. Provision for tax was expense of Rs 49 crore, compared to Rs
26 crore. Effective tax rate was 38.58% compared to 48.15%. Minority
interest increased 88.24% to Rs -2.00 crore. Net profit attributable
to owners of the company increased 77.78% to Rs 80.00 crore.
Order
book & order inflow
Consolidated
order inflow in Q1FY22 was Rs 4128 crore and the company has received orders
worth RS 1396 crore in Q2FY22 till date thus making YTD order intake for the
fiscal being Rs 5524 crores. YTD order intake is majorly from urban infra &
water with a share of 60%, T&D 9%, B&F 24% and railways 7%.
Consolidated
Order Book as end of Jun 2021 stood at Rs 29313 crores of which T&D 27%,
Urban & Water 24%; B&F 30%; Railways 12% and O&G 7%. Further of the order book the share of domestic
orders were 68% and international is about 32%. The company is L1 for orders
worth Rs 5050 Crore (KPTL RS 2550 crore, JMC Rs 2500 crore).
Standalone
YTDFY22 order inflows (Including Linjemontage & Fasttel) at Rs 865 Crores
largely driven from orders in T&D (56% of Order inflow) and Railways
business (44%). The standalone order Book as on Jun 30, 2021 was at Rs 13,397
crore [T&D 59%; Railways 26%; O&G 15% ]and the L1 order book was %about
Rs 2550 crore. Of the order book share
of Domestic was 51% and international 49%.
Other developments
Promoters’ stake was
54.55% as of 30 June 2021, compared to 54.38% as of 30 June 2020. Promoters
pledged stake was 45.91% as of 30 June 2021, compared to 57.50% as of 30 June
2020.
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Kalpataru
Power Transmission: Results
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2106
(3)
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2006
(3)
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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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1586.00
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1459.00
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9
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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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10.2
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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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162.00
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156.00
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4
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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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14.00
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9.00
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56
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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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176.00
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165.00
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7
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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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34.00
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35.00
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-3
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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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142.00
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130.00
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9
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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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26.00
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29.00
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-10
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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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116.00
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101.00
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15
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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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0.00
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0.00
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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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116.00
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101.00
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15
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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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40.00
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32.00
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25
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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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76.00
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69.00
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10
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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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#
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#
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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 ended |
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| Particulars | 202106 | 202006 | Var.(%) | 202103 | 202003 | Var.(%) |
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| Net Sales (including other operating income) | 3,204.00 | 2,330.00 | 37.51 | 12,949.00 | 12,676.00 | 2.15 | | OPM (%) | 9.55 | 11.93 | -238 bps | 11.65 | 11.71 | -5 bps | | OP | 306.00 | 278.00 | 10.07 | 1,509.00 | 1,484.00 | 1.68 | | Other Inc. | 14.00 | 5.00 | 180.00 | 67.00 | 44.00 | 52.27 | | PBIDT | 320.00 | 283.00 | 13.07 | 1,576.00 | 1,528.00 | 3.14 | | Interest | 98.00 | 124.00 | -20.97 | 436.00 | 521.00 | -16.31 | | PBDT | 222.00 | 159.00 | 39.62 | 1,140.00 | 1,007.00 | 13.21 | | Depreciation | 86 | 96 | -10.42 | 373 | 340 | 9.71 | | PBT | 136.00 | 63.00 | 115.87 | 767.00 | 667.00 | 14.99 | | Share of Profit/(Loss) from Associates | -9 | -9 | 0 | -32 | -23 | -39.13 | | PBT before EO | 127 | 54 | 135.19 | 735 | 644 | 14.13 | | EO Income | 0 | 0 | - | 210 | 4 | 5,150.00 | | PBT after EO | 127 | 54 | 135.19 | 945 | 648 | 45.83 | | Taxation | 49 | 26 | 88.46 | 283 | 258 | 9.69 | | PAT | 78 | 28 | 178.57 | 662 | 390 | 69.74 | | Minority Interest (MI) | -2 | -17 | 88.24 | -9 | 0 | - | | Net profit | 80 | 45 | 77.78 | 671 | 390 | 72.05 | | P/(L) from discontinued operations net of tax | 0 | 0 | - | 0 | 0 | - | | Net profit after discontinued operations | 80 | 45 | 77.78 | 671 | 390 | 72.05 | | EPS (Rs)* | 5.37 | 3.02 | 77.78 | 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 | | | Quarter ended | Year ended |
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| % of (Total) | 202106 | 202006 | 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 | 1.19 | 38.00 | 80.00 | -52.50 | 2.87 | 371.00 | 345.00 | 7.54 | | EPC | 97.60 | 3,128.00 | 2,217.00 | 41.09 | 95.96 | 12,424.00 | 12,195.00 | 1.88 | | Others | 1.22 | 39.00 | 33.00 | 18.18 | 1.17 | 152.00 | 142.00 | 7.04 | | Total Reported Sales | 100.00 | 3,205.00 | 2,330.00 | 37.55 | 100.00 | 12,947.00 | 12,682.00 | 2.09 | | Less: Inter segment revenues | | 1.00 | 0.00 | - | | -2.00 | 6.00 | PL | | Net Sales | 100.00 | 3,204.00 | 2,330.00 | 37.51 | 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 | 6.67 | 15.00 | 37.00 | -59.46 | 12.65 | 175.00 | 131.00 | 33.59 | | EPC | 89.78 | 202.00 | 136.00 | 48.53 | 84.67 | 1,171.00 | 1,000.00 | 17.10 | | Others | 3.56 | 8.00 | 8.00 | 0 | 2.68 | 37.00 | 25.00 | 48.00 | | Total PBIT | 100.00 | 225.00 | 181.00 | 24.31 | 100.00 | 1,383.00 | 1,156.00 | 19.64 | | Less : Interest | | 98.00 | 124.00 | -20.97 | | 436.00 | 521.00 | -16.31 | | Add: Other un-allcoable | | 0.00 | -3.00 | - | | -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 | | 39.47 | 46.25 | -677.63 | | 47.17 | 37.97 | 919.88 | | EPC | | 6.46 | 6.13 | 32.34 | | 9.43 | 8.20 | 122.52 | | Others | | 20.51 | 24.24 | -372.96 | | 24.34 | 17.61 | 673.65 | | PBT | 100.00 | 127.00 | 54.00 | 135.19 | 100.00 | 945.00 | 648.00 | 45.83 |
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