Kalpataru Projects International (KPIL) Q4 16/17 earnings summary

Executive summary

• FY17 standalone revenue rose 14% to ₹5,011 Cr, EBITDA grew 17% to ₹529 Cr and PAT increased 40% to ₹269 Cr; consolidated revenue rose 5% to ₹7,629 Cr and PAT 107% to ₹157 Cr.

• Standalone year-end order book reached ₹9,017 Cr, excluding favourably placed bids; consolidated order book exceeded ₹16,000 Cr, with 52% of standalone orders from overseas markets.

Financial highlights

• Standalone PBT was ₹403 Cr versus ₹296 Cr in FY16; standalone EPS was ₹17.54 versus ₹12.54.

• International revenue was ₹1,995 Cr, or 39.82% of standalone revenue; standalone domestic revenue was ₹3,016 Cr.

• Consolidated EPS increased to ₹10.25 from ₹4.94 in FY16.

Outlook and guidance

• JMC maintained guidance for growth of 15–20% in the year ahead after navigating demonetisation challenges.

• Railway revenue was expected to nearly double; railway and pipeline orders together represented around 8% of the order book and were expected to grow significantly.

• Power T&D, rail and pipeline investment, including international opportunities in Africa and Southeast Asia, was expected to support order traction and growth.