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Last Updated : May 13, 2019 01:32 PM IST | Source: Moneycontrol.com

Buy Kalpataru Power; target of Rs 550: ICICI Direct

ICICI Direct is bullish on Kalpataru Power has recommended buy rating on the stock with a target price of Rs 550 in its research report dated May 10, 2019.

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ICICI Direct's research report on Kalpataru Power


For Q4FY19, Kalpataru Power (KPTL) reported robust revenue at Rs 2491.4 crore registering strong growth of 29.0% YoY (above our estimate of Rs 2322.4 crore) driven by strong execution in T&D, oil & gas and Railways. For FY19, revenues grew 23.1% to Rs 7115.1 crore. EBITDA came in at Rs 266.4 crore, with EBITDA margins of 10.7%. PAT came in at Rs 136.9 crore (in line with our estimate of Rs 137.7 crore) with growth of 30.6% YoY. Order inflow for Q4FY19 came in at Rs 2206 crore while FY19 order inflow was at Rs 8340 crore (declined 10.7% YoY). As on FY19, the order book was at Rs 14068 crore providing good revenue visibility over next year.


Outlook


With revenue and PAT CAGR of 16.6% and 19.0%, respectively, in FY19-21E, we value KPTL on a SoTP basis and maintain BUY with a revised fair value of Rs 550/share (with base business at 12.5x FY21E).


For all recommendations report, click here


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First Published on May 13, 2019 01:32 pm
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