Kalpataru Projects International (KPIL) Q4 02/03 earnings summary

Executive summary

• FY03 sales and services reached Rs.2,701.5m; net profit rose to Rs.89.5m from Rs.73.4m, with EPS of Rs.8.24 versus Rs.6.76.

• Record transmission production of 46,977 MT, a 76% YoY increase; directors recommended a 15% equity dividend.

Financial highlights

• Revenue from sales and services was Rs.2,701.5m versus Rs.1,467.2m; seven-year highlights report sales growth of 84.1%.

• PBT increased to Rs.123.9m from Rs.91.3m; PAT rose to Rs.89.5m from Rs.73.4m.

• Total expenditure was Rs.2,502m; financial expenses increased to Rs.91.2m from Rs.66.1m.

Outlook and guidance

• Transmission division expected to perform well, supported by a healthy order book and operating efficiency.

• Real estate sales of Rs.300–400m were expected in FY04; biomass plant commercial operations were expected by the last week of July 2003.

• Transmission market prospects were supported by renewed Indian T&D projects, National Grid plans, and international interconnection opportunities; tendering remains price-competitive.