InCred Equities - Kalpataru Projects International Limited

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue (Rsm)	167,600	188,250	226,240	259,689
Operating EBITDA (Rsm)	13,660	16,523	20,137	22,745
Net Profit (Rsm)	5,330	7,502	10,266	11,900
Core EPS (Rs)	35.0	46.2	63.2	73.3
Core EPS Growth	19.3%	32.1%	36.8%	15.9%
FD Core P/E (x)	34.14	25.85	18.89	16.30
DPS (Rs)	7.0	7.5	8.0	8.5
Dividend Yield	0.59%	0.63%	0.67%	0.71%
EV/EBITDA (x)	15.98	13.17	11.00	9.81
P/FCFE (x)	116.22	25.01	64.91	66.41
Net Gearing	42.0%	36.8%	37.8%	34.9%
P/BV (x)	3.38	3.04	2.67	2.33
ROE	10.3%	12.4%	15.0%	15.3%
% Change In Core EPS Estimates
InCred Research/Consensus EPS (x)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Net Revenues	167,600	188,250	226,240	259,689
Gross Profit	95,410	110,182	128,504	146,724
Operating EBITDA	13,660	16,523	20,137	22,745
Depreciation And Amortisation	(3,680)	(3,701)	(4,083)	(4,450)
Operating EBIT	9,980	12,822	16,055	18,295
Financial Income/(Expense)	(3,370)	(3,915)	(3,597)	(3,777)
Pretax Income/(Loss) from Assoc.
Non-Operating Income/(Expense)	1,130	1,203	1,323	1,456
Profit Before Tax (pre-EI)	7,740	10,110	13,781	15,973
Exceptional Items
Pre-tax Profit	7,740	10,110	13,781	15,973
Taxation	(2,060)	(2,608)	(3,514)	(4,073)
Exceptional Income - post-tax	(350)
Profit After Tax	5,330	7,502	10,266	11,900
Minority Interests
Preferred Dividends
FX Gain/(Loss) - post tax
Other Adjustments - post-tax
Net Profit	5,330	7,502	10,266	11,900
Recurring Net Profit	5,680	7,502	10,266	11,900
Fully Diluted Recurring Net Profit	5,680	7,502	10,266	11,900

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
EBITDA	7,740	10,110	13,781	15,973
Cash Flow from Invt. & Assoc.
Change In Working Capital	(5,800)	(2,990)	(11,544)	(14,236)
(Incr)/Decr in Total Provisions
Other Non-Cash (Income)/Expense	3,680	3,701	4,083	4,450
Other Operating Cashflow	1,160
Net Interest (Paid)/Received	2,390	3,915	3,597	3,777
Tax Paid	(2,030)	(2,608)	(3,514)	(4,073)
Cashflow From Operations	7,140	12,128	6,403	5,891
Capex	(2,890)	(4,968)	(3,971)	(3,474)
Disposals Of FAs/subsidiaries
Acq. Of Subsidiaries/investments	(190)	(1,031)	(1,154)	(1,293)
Other Investing Cashflow	(1,590)
Cash Flow From Investing	(4,670)	(5,999)	(5,126)	(4,767)
Debt Raised/(repaid)	(800)	1,632	1,713	1,799
Proceeds From Issue Of Shares
Shares Repurchased
Dividends Paid	(1,140)	(1,221)	(1,302)	(1,384)
Preferred Dividends
Other Financing Cashflow	180	(3,915)	(3,597)	(3,777)
Cash Flow From Financing	(1,760)	(3,505)	(3,187)	(3,362)
Total Cash Generated	710	2,624	(1,910)	(2,238)
Free Cashflow To Equity	1,670	7,760	2,990	2,923
Free Cashflow To Firm	80	2,214	(2,320)	(2,653)

(Rs mn)	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Total Cash And Equivalents	8,490	10,770	8,503	8,673
Total Debtors	53,930	64,469	77,479	92,492
Inventories	12,400	14,441	17,355	19,921
Total Other Current Assets	89,530	89,226	108,471	124,508
Total Current Assets	164,350	178,906	211,809	245,595
Fixed Assets	16,678	17,945	17,834	16,858
Total Investments	8,590	9,621	10,775	12,068
Intangible Assets	200	200	200	200
Total Other Non-Current Assets	10,080	10,584	11,113	8,891
Total Non-current Assets	35,548	38,350	39,922	38,017
Short-term Debt	21,190	22,250	23,362	24,530
Current Portion of Long-Term Debt
Total Creditors	52,360	60,343	72,521	81,820
Other Current Liabilities	50,950	51,575	61,984	71,148
Total Current Liabilities	124,500	134,168	157,866	177,498
Total Long-term Debt	11,440	12,012	12,613	13,243
Hybrid Debt - Debt Component
Total Other Non-Current Liabilities	1,978	2,132	2,298	2,478
Total Non-current Liabilities	13,418	14,144	14,911	15,721
Total Provisions	4,480	5,158	6,198	7,115
Total Liabilities	142,398	153,470	178,976	200,333
Shareholders Equity	57,500	63,786	72,756	83,279
Minority Interests
Total Equity	57,500	63,786	72,756	83,279

	Mar-24A	Mar-25F	Mar-26F	Mar-27F
Revenue Growth	16.9%	12.3%	20.2%	14.8%
Operating EBITDA Growth	17.8%	21.0%	21.9%	12.9%
Operating EBITDA Margin	8.2%	8.8%	8.9%	8.8%
Net Cash Per Share (Rs)	148.61	144.62	169.11	179.14
BVPS (Rs)	353.97	392.67	447.89	512.67
Gross Interest Cover	2.96	3.28	4.46	4.84
Effective Tax Rate	26.6%	25.8%	25.5%	25.5%
Net Dividend Payout Ratio	20.1%	16.3%	12.7%	11.6%
Accounts Receivables Days	112.56	114.78	114.51	119.45
Inventory Days	58.84	62.75	59.37	60.22
Accounts Payables Days	248.22	263.46	248.09	249.34
ROIC (%)	9.4%	11.3%	12.3%	12.5%
ROCE (%)	11.6%	13.6%	15.5%	15.9%
Return On Average Assets	4.3%	5.0%	5.5%	5.5%

(91) 22 4161 1542 arafat.saiyed@incredresearch.com

(91) 02241611548 anirvan.divakera@incredresearch.com

More Reports

Market Data

Source: Bloomberg