PSP Projects (PSPPROJECT) Q4 17/18 earnings summary

Executive summary

• FY18 consolidated revenue from operations reached ₹751.65 cr, up 68.99% YoY; PAT rose 59.23% to ₹65.99 cr, both reported as record highs.

• Consolidated order book stood at ₹2,644 cr at March 31, 2018, including the ₹1,575 cr Surat Diamond Bourse (SDB) project.

• IPO listing in May 2017 raised ₹141.95 cr in net proceeds; cash and bank balances and investments supported a treasury corpus of ₹249 cr at year-end.

Financial highlights

• Consolidated revenue from operations was ₹751.65 cr vs ₹444.78 cr in FY17; total income was ₹770.26 cr vs ₹458.21 cr.

• Consolidated PBT increased to ₹102.45 cr from ₹64.67 cr; PAT rose to ₹65.99 cr from ₹41.61 cr.

• Standalone revenue from operations grew 82.11% to ₹729.83 cr; PAT increased 55.30% to ₹64.37 cr.

• Reported EBITDA was ₹104.61 cr, up 56% YoY; net profit increased 59% to ₹65.99 cr.

Outlook and guidance

• FY19 revenue growth guidance was 40%, barring unforeseen circumstances; profitable growth was expected.

• FY19 revenue was expected to include ₹450 cr from SDB and ~₹550 cr from other projects, based on estimated workflow and the existing order book.

• Tendering momentum targeted a 25% strike rate; annual revenue growth of 35–40% was the stated sustainable-growth objective.

• Revenue of ₹2,000 cr was projected by FY21; the order book provided ~30 months of revenue visibility.