Kalpataru Projects International (KPIL) Q4 22/23 earnings summary

Executive summary

• FY23 consolidated revenue rose 11% to ₹16,361 crore, while PAT fell 19% to ₹435 crore; standalone revenue grew 16% to ₹14,337 crore and PAT rose 52% to ₹532 crore.

• Record order inflow of ₹25,241 crore lifted the consolidated order book to ₹45,918 crore at year-end; merger with JMC broadened the EPC portfolio and geographic reach.

Financial highlights

• Consolidated EBITDA was ₹1,481 crore, with a 9.1% margin; PAT margin was 2.7%. EBITDA and PBT margins include a ₹109 crore exceptional award receivable.

• Standalone core EBITDA increased 18% YoY to ₹1,278 crore, with an 8.9% margin; the measure includes the ₹109 crore exceptional award receivable.

• Consolidated PBT before exceptional items was ₹551 crore versus ₹531 crore; exceptional gain was ₹91 crore, and PAT declined mainly due to higher input costs at subsidiaries.

• Standalone revenue was ₹14,337 crore versus ₹12,407 crore; standalone PBT after exceptional items was ₹739 crore versus ₹500 crore.

Outlook and guidance

• FY24 standalone guidance: revenue growth above 30%, PBT margin 4.5–5%, finance cost around 2% of sales and ROCE of 18–20%.

• FY24 order-inflow target is ₹26,000 crore or more; the 2025 vision targets revenue above US$3 billion, order book above US$6 billion and ROCE above 20%.

• Growth plans prioritize engineering capability, new geographies and higher-margin businesses, alongside faster resolution of non-core assets.