Kalpataru Projects International (KPIL) Q3 24/25 earnings summary

Executive summary

• Delivered strong Q3 FY25 performance with consolidated turnover of ₹5,732 crore, up 17% year-over-year, and robust execution across T&D, Buildings & Factories, and Oil & Gas, despite challenges in the water business and labor shortages.

• Achieved consistent profitability, supported by a record order backlog of ₹61,429 crore as of December 2024 and strong order inflows of ₹20,185 crore YTD.

• Net debt declined 27% sequentially to ₹2,694 crore consolidated and 35% to ₹1,820 crore standalone, aided by QIP proceeds and improved working capital.

• Unaudited consolidated and standalone financial results for the quarter and nine months ended December 31, 2024, were approved by the Board on February 13, 2025.

• Statutory auditors issued unmodified review reports for both consolidated and standalone results.

Financial highlights

• Q3 FY25 consolidated revenue: ₹5,732.48 crore (+17% YoY); consolidated EBITDA: ₹479 crore (+13% YoY) with an 8.4% margin.

• Q3 FY25 consolidated PAT: ₹139.59 crore (-3% YoY); standalone PAT: ₹157.35 crore (+9% YoY); EPS for Q3 FY25: ₹8.67 (consolidated), ₹9.61 (standalone).

• Standalone Q3 FY25 revenue: ₹4,825.72 crore (+16% YoY); net working capital days improved to 112 standalone and 94 consolidated.

• Net debt reduced to ₹2,694 crore (consolidated) and ₹1,820 crore (standalone) as of Q3 FY25.

• Consolidated debt-equity ratio improved to 0.61 as of December 31, 2024, from 0.86 a year earlier.

Outlook and guidance

• Targeting 15%-20% revenue growth in Q4 FY25, with PBT margins around 5% at standalone level.

• Expecting consolidated annual growth of 13%-15% for FY25, with water business recovery anticipated in FY26.

• Strong order inflows and record backlog provide improved visibility for future growth; robust tender pipeline supported by government spending.