Kalpataru Projects International (KPIL) Q4 21/22 earnings summary

Executive summary

• Consolidated revenue rose 14.1% YoY to ₹14,777 crore; PAT fell 19.2% to ₹535 crore as input-cost inflation and subsidiary provisions weighed on profitability.

• Record order inflows of ₹18,161 crore lifted the consolidated order book 17% YoY to ₹32,761 crore at 31 March 2022.

• Strategic priorities included profitable core EPC growth, deleveraging, non-core asset exits, international expansion and the proposed JMC merger.

Financial highlights

• Consolidated revenue ₹14,777.38 crore versus ₹12,949.44 crore; profit before tax ₹696.41 crore versus ₹945.25 crore; PAT ₹535.06 crore versus ₹662.04 crore.

• Consolidated EBITDA margin was 9% in FY22, lower YoY amid cost inflation; EPS was ₹36.28 versus ₹44.25.

• Standalone revenue declined 7.9% to ₹7,061.80 crore and PAT fell 16.2% to ₹515.36 crore; export revenue was ₹2,594.65 crore, 36.7% of revenue.

• Operating cash flow was ₹713.66 crore; closing cash and cash equivalents were ₹1,061.76 crore, versus ₹537.53 crore in FY21.

Outlook and guidance

• Vision 2025 targets consolidated revenue of USD 3 billion, order book of USD 6 billion, operations in 100 countries and ROCE above 22%.

• The JMC amalgamation was expected to complete in FY23, subject to approvals; the appointed date is 1 April 2022.

• Planned road-asset actions included restructuring Wainganga and refinancing Vindhyachal in FY23; infrastructure spending and clean energy were identified as growth drivers.