- 08 Feb 2024
- ICICI Securities
KALPATARU PROJECTS INTERNATIONAL'S STRONG PERFORMANCE ACROSS THE BOARD
KPIL - 1116 Change: 22.50 (2.06 %)News: Kalpataru reported strong operational performance across the board. Revenues grew by 22% to Rs 4896 crore driven by higher execution across all key segments. T&D business grew by 29% YoY whereas water and urban infra revenues grew by 53% and 131% YoY, albeit a low base. YTDFY24 Order Inflows of Rs 18,065 crores (coupled with an additional L1 position of around Rs 6,000 crores. Order backlog stood at Rs 51753 crore, up 25% YoY thereby providing strong revenue visibility. Working capital has improved by 5 days to 112 days whereas Net debt at Rs 3457 crore. EBITDA margins came in at 8.7% in Q3FY23. PAT came in at Rs 144 crore, up 32.1% YoY.
Views: Kalpataru over the past many years has significantly corrected its balance sheet and debt profile. Going ahead, we believe kalpataru will report strong performance over the medium term which will lead to its rerating.
Impact: Positive