Kalpataru Projects International Q1 net profit falls 26% to ₹84 crore

Kalpataru Projects International Ltd posted on Monday a 26% decline in consolidated net profit to ₹84 crore for the June 2024 quarter, dragged by higher expenses.

It had clocked ₹113 crore in profit in the year-ago period, the company said in an exchange filing. The company's total income rose to ₹4,609 crore from ₹4,259 crore in April–June 2023–24.

The expenses surged to ₹4,472 crore from ₹4,094 crore a year ago.

Commenting on the results, Manish Mohnot, MD & CEO, KPIL, said, “We have delivered resilient performance in Q1 FY25 despite lower manpower availability and delays in collections given typical seasonality and general elections. However, getting into Q2 FY25, we have started to see moderation in working capital intensity with improving budgetary allocations. We are confident of achieving our targeted net working capital of below 100 days by the end of FY25."

Order Intake & order book

The company said it received additional new orders of ₹838 crore in July 2024; order inflows have reached ₹7,015 crore till date in FY25. It further said that the order book stood at ₹57,195 crore as of June 30, 2024, an increase of nearly 21% YoY. 

FINANCIAL HIGHLIGHTS: KPIL (CONSOLIDATED) Q1 FY25

• Revenue increased by 8.2% YoY to ₹4,587 crore, driven by T&D and B&F businesses.
• EBITDA stood at ₹378 crore with a margin of 8.2%; the EBITDA margin declined due to variation in the project mix and investment in resource augmentation to support execution going forward.
• PBT at ₹137 crore with a margin of 3.0%
• PAT at ₹84 crore for Q1 FY25
• Net consolidated debt stood at ₹3,739 crore as of June 30, 2024.

FINANCIAL HIGHLIGHTS: KPIL (STANDALONE) Q1 FY25

• Revenue up by 3% YoY at ₹3,722 crore; revenue growth moderated mainly due to water business given lower collections on account of delay in budgetary allocations.
• EBITDA at ₹314 crore with a margin of 8.4%
• PBT at ₹164 crore with a margin of 4.4%
• PAT at ₹117 crore with a margin of 3.1%
• Standalone net debt as of June 30, 2024, was ₹2,907 crore.