Other income rose 42.86% to Rs 20 crore.  PBIDT rose 36.42% to Rs 472 crore.  Provision for interest rose 7.58% to Rs 142 crore.  PBDT rose 54.21% to Rs 330 crore.  Provision for depreciation rose 8.18% to Rs 119 crore.   Profit before tax grew 102.88% to Rs 211.00 crore.  Share of profit/loss were nil in both the periods.  

EO income was nil for the quarter against Rs 108 crore in corresponding previous period. Thus on inflated base, the PBT after EO was down -0.47% to Rs 211 crore. 

Provision for tax was expense of Rs 42 crore, compared to Rs 72 crore.  Effective tax rate was 19.91% compared to 33.96%. Net profit attributable to owners of the company increased 5.77% to Rs 165.00 crore.  

Sales of EPC segment has gone up 22.88% to Rs 5,844.00 crore (accounting for 97.87% of total sales).  Sales of Others segment has gone down 9.43% to Rs 48.00 crore (accounting for 0.80% of total sales).  Sales of Development Projects segment has gone up 6.76% to Rs 79.00 crore (accounting for 1.32% of total sales).  

Profit before interest, tax and other unallocable items (PBIT) has slumped 0.00% to Rs 333.00 crore.  PBIT of EPC segment rose 4.59% to Rs 296.00 crore (accounting for 88.89% of total PBIT).  PBIT of Others segment fell 69.23% to Rs 4.00 crore (accounting for 1.20% of total PBIT).  PBIT of Development Projects segment fell 10.81% to Rs 33.00 crore (accounting for 9.91% of total PBIT).  

PBIT margin of EPC segment fell from 5.95% to 5.07%.  PBIT margin of Others segment fell from 24.53% to 8.33%.  PBIT margin of Development Projects segment fell from 50.00% to 41.77%.  Overall PBIT margin fell from 6.82% to 5.58%.  

Net sales (including other operating income) of Kalpataru Projects International has increased 19.96% to Rs 19626 crore.  Sales of EPC segment has gone up 20.56% to Rs 19,148.00 crore (accounting for 97.56% of total sales).  Sales of Others segment has gone down 6.13% to Rs 199.00 crore (accounting for 1.01% of total sales).  Sales of Development Projects segment has gone up 2.94% to Rs 280.00 crore (accounting for 1.43% of total sales).  Inter-segment sales came down from Rs 6.00 crore to Rs 1.00 crore.  

Profit before interest, tax and other unallocable items (PBIT) has jumped 8.00% to Rs 1,161.00 crore.  PBIT of EPC segment rose 7.27% to Rs 1,003.00 crore (accounting for 86.39% of total PBIT).  PBIT of Others segment fell 21.43% to Rs 22.00 crore (accounting for 1.89% of total PBIT).  PBIT of Development Projects segment rose 21.43% to Rs 136.00 crore (accounting for 11.71% of total PBIT).  

PBIT margin of EPC segment fell from 5.89% to 5.24%.  PBIT margin of Others segment fell from 13.21% to 11.06%.  PBIT margin of Development Projects segment rose from 41.18% to 48.57%.  Overall PBIT margin fell from 6.57% to 5.92%.  

Operating profit margin has declined from 8.37% to 8.30%, leading to 18.83% rise in operating profit to Rs 1,628.00 crore.  Raw material cost as a % of total sales (net of stock adjustments) decreased from 42.65% to 41.75%.   Employee cost decreased from 8.84% to 8.76%.   Other expenses rose from 40.14% to 41.18%.   Other direct service cost rose from 33.06% to 33.63%.   

Other income rose 60% to Rs 64 crore.  PBIDT rose 20% to Rs 1692 crore.  Provision for interest rose 10.92% to Rs 518 crore.   PBDT rose 24.50% to Rs 1174 crore.  Provision for depreciation rose 20.66% to Rs 473 crore.   Profit before tax grew 27.22% to Rs 701.00 crore.  Share of profit/loss were nil in both the periods.  

EO income was nil for the quarter against Rs 91 crore in corresponding previous period. Thus on inflated base, the PBT after EO was down 9.19% to Rs 701 crore. 

Provision for tax was expense of Rs 185 crore, compared to Rs 207 crore.  Effective tax rate was 26.39% compared to 32.24%.

Net profit attributable to owners of the company increased 15.65% to Rs 510.00 crore.  

Order book

Total order inflows in FY24 order inflows stands at ? 30,022 Crores, up 19% YoY . Received new orders of ? 849 Crores in FY25 till date .

Order book at ? 58,415 Crores as on 31st March 2024, an increase of 27% YoY; Additional L1 position of around ? 5,000+ Crores.

 

Management comment

Commenting on the results, Mr. Manish Mohnot, MD & CEO, KPIL said: “FY2023-24 has been momentous year for KPIL. We have delivered robust performance, marking highest ever consolidated revenue, EBITDA and order book in our history, reaching ?19,626 crore, ?1,628 crore and ?58,415 crore, respectively. This achievement, coupled with our commitment to pursue profitable growth and efficiently manage our working capital, ensured we deliver stable margins, maintain prudent debt level and improve working capital cycle, underscoring our efficiency and agility. Simultaneously, we have made strategic inroads in numerous large size orders for oil & gas, underground metro tunnelling, airport, data center, design-build B&F projects and T&D projects in both domestic and international markets. This is a testament to our consistent focus on strengthening execution capabilities, build diversified and resilient business mix and improve our market position in high growth EPC businesses. As we move forward, we will continue to strengthen our position in the T&D and civil construction sector given the huge impetus on renewable energy and infrastructure development in India and globally. Our strong order book and diversified business mix gives us confidence to sustain growth momentum in FY25 and beyond.”

Others

Equity capital stood at Rs 32.00 crore as of 31 March 2024 to Rs 32.00 crore as of 31 March 2023.  Per share face Value remained same at Rs 2.00.  

Promoters’ stake was 40.59% as of 31 March 2024 ,compared to 47.24% as of 31 March 2023 .  Promoters pledged stake was 31.51% as of 31 March 2024 ,compared to 48.84% as of 31 March 2023 .  

Proposed dividend of ?8 per equity share i.e. 400% of face value of ?2 per share for FY24.

Loan funds rose to Rs 4,009.00 crore as of 31 March 2024 from Rs 3,787.00 crore as of 31 March 2023.  Inventories rose to Rs 1,353.00 crore as of 31 March 2024 from Rs 1,228.00 crore as of 31 March 2023.  Sundry debtors were higher at Rs 5,805.00 crore as of 31 March 2024 compared to Rs 5,251.00 crore as of 31 March 2023.  Cash and bank balance declined from Rs 1,059.00 crore as of 31 March 2023 to Rs 1,032.00 crore as of 31 March 2024.  Fixed assets declined from Rs 2,993.00 crore as of 31 March 2023 to Rs 2,922.00 crore as of 31 March 2024.  Intangible assets stood at Rs 184.00 crore. 

Cash flow from operating activities increased to Rs 843.00 crore for year ended March 2024 from Rs 656.00 crore for year ended March 2023.  Cash flow used in acquiring fixed assets during the year ended March 2024 stood at Rs 352.00 crore, compared to Rs 771.00 crore during the year ended March 2023.