Other income rose 20% to Rs 12 crore.  PBIDT rose 6.41% to Rs 382 crore.  Provision for interest rose 18.10% to Rs 137 crore.  PBDT rose 0.82% to Rs 245 crore.  Provision for depreciation rose 20.21% to Rs 113 crore.  Profit before tax down 11.41% to Rs 132.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 42 crore, compared to Rs 46 crore.  Effective tax rate was 31.82% compared to 31.94%. Minority interest decreased 91.67% to Rs 1.00 crore.  Net profit attributable to owners of the company increased 3.49% to Rs 89.00 crore.  

• Sales of EPC segment has gone up 20.08% to Rs 4,426.00 crore (accounting for 97.96% of total sales).  Sales of Others segment has gone down 6.67% to Rs 28.00 crore (accounting for 0.62% of total sales).  Sales of Development Projects segment has gone down 22.89% to Rs 64.00 crore (accounting for 1.42% of total sales).  
• Profit before interest, tax and other unallocable items (PBIT) has jumped 1.59% to Rs 256.00 crore.  PBIT of EPC segment fell 10.19% to Rs 194.00 crore (accounting for 75.78% of total PBIT).  PBIT of Development Projects segment rose 66.67% to Rs 60.00 crore (accounting for 23.44% of total PBIT).  
• PBIT margin of EPC segment fell from 5.86% to 4.38%.  PBIT margin of Development Projects segment rose from 43.37% to 93.75%.  Overall PBIT margin fell from 6.63% to 5.67%.  

For year-to-date (YTD) results analysis.

Net sales (including other operating income) of Kalpataru Projects International for half year ended Sep 2023 has increased 17.18% to Rs 8759 crore.  
Operating profit margin has declined from 8.88% to 8.59%, leading to 13.25% rise in operating profit to Rs 752.00 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 43.45% to 41.40%.   Employee cost increased from 9.09% to 9.33%.   Other expenses rose from 38.67% to 40.75%.   Other direct service cost rose from 31.74% to 34.23%.   

Other income rose 25% to Rs 30 crore.  PBIDT rose 13.66% to Rs 782 crore.  Provision for interest rose 16.67% to Rs 252 crore.  PBDT rose 12.29% to Rs 530 crore.  Provision for depreciation rose 26.63% to Rs 233 crore.   Profit before tax grew 3.13% to Rs 297.00 crore.  Share of profit/loss were nil in both the periods.  Provision for tax was expense of Rs 94 crore, compared to Rs 85 crore.  Effective tax rate was 31.65% compared to 31.37%. Net profit attributable to owners of the company increased 22.16% to Rs 204.00 crore.  

• Sales of EPC segment has gone up 17.86% to Rs 8,574.00 crore (accounting for 97.89% of total sales).  Sales of Others segment has gone down 8.06% to Rs 57.00 crore (accounting for 0.65% of total sales).  Sales of Development Projects segment has gone down 8.57% to Rs 128.00 crore (accounting for 1.46% of total sales).  
• Profit before interest, tax and other unallocable items (PBIT) has jumped 11.04% to Rs 523.00 crore.  PBIT of EPC segment fell 1.16% to Rs 427.00 crore (accounting for 81.64% of total PBIT).  PBIT of Others reported profit of Rs 5.00 crore compared to loss of Rs 8.00 crore.  PBIT of Development Projects segment rose 93.62% to Rs 91.00 crore (accounting for 17.40% of total PBIT).  
• PBIT margin of EPC segment fell from 5.94% to 4.98%.  PBIT margin of Others segment rose from negative 12.90% to 8.77%.  PBIT margin of Development Projects segment rose from 33.57% to 71.09%.  Overall PBIT margin fell from 6.30% to 5.97%.  

Order book

Received new orders (including international subsidiaries) of ? 1,562 Crores in month of Oct-23 and Nov-23 till date; YTD FY24 order inflows has reached ? 12,178 Crores 

Order book at ? 47,040 Crores as on 30 Sep 2023, an increase of 22% YoY; Additional L1 position of over ? 4,200 Crores

Management Comments :

Commenting on the results,  Manish Mohnot, MD & CEO, KPIL said: “We have delivered another quarter of good performance driven by robust execution and strong order inflows in our major business verticals. We achieved ? 8,759 crs in revenues, representing a growth of 17% YoY, and ? 752 crs of EBITDA, resulting to 8.6% margin for H1 FY24 at consolidated level. As we move into the latter half of FY24, we believe a favourable shift in the business environment especially in the T&D and select civil business verticals will help us to strengthen our position further in the EPC market. Our order book at ? 47,040 crs and L1 of over ? 4,200 crs till date in the current financial year provides good visibility for growth in coming quarters. We continue to drive growth and create differentiation by strengthening our capabilities organically and through strategic business development in newer areas like data centres, airports, heavy civil, design build B&F projects, industrial projects and manufacturing expansion. KPIL has established a strong diversified order book, expanded global reach and robust execution capabilities, which makes it well poised to deliver profitable growth while maintaining a strong balance sheet.”

Others

Equity capital increased from Rs 30.00 crore as of 30 September 2022 to Rs 32.00 crore as of 30 September 2023.  Per share face Value remained same at Rs 2.00.  

Promoters’ stake was 41.07% as of 30 September 2023 ,compared to 51.55% as of 30 September 2022 .  Promoters pledged stake was 44.55% as of 30 September 2023 ,compared to 50.39% as of 30 September 2022 .  

Cash flow from operating activities increased to negative Rs -96.00 crore for YTD ended September 2023 from negative Rs -330.00 crore for YTD ended September 2022.  Cash flow used in acquiring fixed assets during the YTD ended September 2023 stood at Rs 107.00 crore, compared to Rs 254.00 crore during the YTD ended September 2022.  

Loan funds declined from Rs 4,333.00 crore as of 30 September 2022 to Rs 3,968.00 crore as of 30 September 2023.  Inventories rose to Rs 1,347.00 crore as of 30 September 2023 from Rs 1,205.00 crore as of 30 September 2022.  Sundry debtors were higher at Rs 4,743.00 crore as of 30 September 2023 compared to Rs 4,332.00 crore as of 30 September 2022.  Cash and bank balance declined from Rs 703.00 crore as of 30 September 2022 to Rs 615.00 crore as of 30 September 2023.  Fixed assets increased to Rs 2,897.00 crore as of 30 September 2023 from Rs 1,882.00 crore as of 30 September 2022.  Intangible assets declined from Rs 1,748.00 crore to Rs 181.00 crore.