Kalpataru Power Transmission

March 03,2021

Kalpataru Power Transmission, the power T&D EPC major has registered 1% growth in standalone revenue to Rs 1993 crore. But with operating profit margin contract by 10 bps to 10.4%, the operating profit was flat at Rs 207 crore. The PBT was up by 13% to Rs 174 crore driven largely by lower interest cost. The EO income was up by 542% to Rs 154 crore and thus the PBT after EO spurted up by 84% to Rs 328 crore. The taxation was up by 73% to Rs 71 crore and thus the growth at PAT was up by 88% to Rs 257 crore.

Consolidated sales for the quarter was up by 11% to Rs 3501 crore. But the OPM was down by 120 bps to 11.1% and thus the OP was flat at RS 388 crore. The PBT was up by 17% to Rs 209 crore driven largely by 90% jump in OI as well as interest and depreciation as proportion to sales stand lower. The share of loss from JV was up by 25% to Rs 5 crore and thus the PBT after share of profit from JV was up by 17% to Rs 204 crore. The EO exp was a profit of Rs 206 crore compared to an expense of RS 3 crore. Exceptional items for the quarter is due to recognition of the entire gain (net of expenses) of Rs 202 Crores, representing gain on transfer of 49% stake and fair value gain on the balance 51% stake in Alipurduar Transmission and recognition of gain (net of expense) of Rs 4 crore on sales of entire stake in Jhajjar KT Transco on Oct 05, 2020. Thus the PBT after EO more than doubled (up 138%) to Rs 410 crore. The taxation was up by 162% to Rs 102 crore and the PAT was up by 132% to Rs 308 crore. Eventually the net profit after MI was up by 143% to Rs 308 crore.

Nine month Performance

Sales for the period was down by 5% to Rs 5334 crore and that with 20 bps contraction in OPM to 10.6%, the operating profit was down by 7% to Rs 565 crore. Gained by 27% jump in other income to Rs 65 crore the PBIDT was down by 4% to Rs 630 crore. The interest cost was down by 33% to Rs 81 crore and the depreciation was up by 7% to Rs 87 crore. Thus the PBT was up by 1% to RS 462 crore. EO Income was up 600% to RS 168 crore and thus the PBT after EO was up 31% to Rs 630 crore. With taxation stand higher by 16% to Rs 145 crore, the PAT was up by 36% to Rs 485 crore.

Consolidated sales was down by 3% to Rs 8863 crore and with OPM contract by 90 bps to 11.9%, the operating profit was down by 10% to Rs 1054 crore. The PAT was up by 26% to Rs 475 crore after accounting for higher OI, lower interest, higher depreciation, higher share of loss from associate, higher EO income, higher taxation. Eventually the net profit (after MI) was up by 38% to Rs 497 crore as the MI was a share of loss of Rs 22 crore compared to a profit of Rs 18 crore.

Other developments

On February 05, 2021, wholly owned subsidiary of the Company in Brazil namely Kalpataru Power do Brasil Participacoes Lida, has signed definitive agreement to acquire controlling stake of 51% in Fasttel Engenharla Lida ,Brazil (Fasttel).

The Board of Directors at the above meeting has declared an interim dividend of Rs 8 50 per equity share of Rs. 2 each of the Company.

YTD FY21 order inflows at Rs.6,260 Crores largely driven from orders in T&D business; Q3FY21 order inflow was Rs 2869 crore. In addition the company has bagged orders worth Rs 835 crore till now in Q4FY21 and have L1 orders of around Rs 3100 crore.

Order Book of KPTL standalone as end of Dec 2020 including that of Linjemontage of Sweden stood at RS 13329 crore as against Rs 12292 crore as end of Sep 2020. Consolidated order book stands at Rs.27,532 Crore as on 31st December 2020

Management Comment

Commenting on the results, Mr. Manish Mohnot, Managing Director & CEO, KPTL said: KPTL and JMC delivered steady performance in Q3FY21 with improved turnover, stable margins and good order booking. We have also significantly reduced our net debt at standalone and consolidated level. The acquisition of Fasttel in Brazil is in line with our strategy to strengthen our core EPC business and becoming local in few geographies. Fasttel helps us to make our entry into the high growth Brazilian power transmission and distribution market. Our consolidated order book including L1 position of Rs.31,382 Crore and good visibility across businesses makes us well positioned to capture the growth opportunities going forward.

Kalpataru Power Transmission: Results

 

2012 (3)1912 (3)Var. (%)2012 (9)1912 (9)Var. (%)2003 (12)1903 (12)Var.(%)
Sales1993.001979.0015334.005601.00-57904.007115.0011
OPM (%)10.410.510.610.810.910.9
OP207.00208.000565.00607.00-7860.00778.0011
Other inc.19.0016.001965.0051.002758.0051.0014
PBIDT226.00224.001630.00658.00-4918.00829.0011
Interest23.0042.00-4581.00120.00-33166.00119.0039
PBDT203.00182.0012549.00538.002752.00710.006
Dep.29.0028.00487.0081.007110.0086.0028
PBT 174.00154.0013462.00457.001642.00624.003
EO Exp-154.00-24.00542-168.00-24.00600-24.000.00
PBT after EO328.00178.0084630.00481.0031666.00624.007
Taxation71.0041.0073145.00125.0016203.00223.00-9
PAT257.00137.0088485.00356.0036463.00401.0015
EPS (Rs)*####30.026.9
* Annualized On Current Equity Of Rs 29.78 Crore. Face Value: Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

Kalpataru Power Transmission: Consolidated Results

 

2012 (3)1912 (3)Var. (%)2012 (9)1912 (9)Var. (%)2003 (12)1903 (12)Var.(%)
Sales3501.003162.00118863.009149.00-312676.0010840.0017
OPM (%)11.112.311.912.812.312.4
OP388.00388.0001054.001172.00-101563.001347.0016
Other inc.19.0010.009049.0031.005844.0044.000
PBIDT407.00398.0021103.001203.00-81607.001391.0016
Interest103.00128.00-20340.00383.00-11521.00401.0030
PBDT304.00270.0013763.00820.00-71086.00990.0010
Dep.95.0091.004289.00246.0017340.00211.0061
PBT 209.00179.0017474.00574.00-17746.00779.00-4
Share of profit from JV-5.00-4.0025-22.00-18.0022-23.00-18.0028
PBT 204.00175.0017452.00556.00-19723.00761.00-5
EO Exp-206.003.00LP-210.003.00LP75.000.00
PBT After EO410.00172.00138662.00553.0020648.00761.00-15
Taxation102.0039.00162187.00176.006258.00274.00-6
PAT308.00133.00132475.00377.0026390.00487.00-20
Minority Interest0.006.00-100-22.0018.00PL0.0020.00###
PAT after MI308.00127.00143497.00359.0038390.00467.00-16
EPS (Rs)*####25.430.4
* Annualized On Current Equity Of Rs 30.69 Crore. Face Value: Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

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