Sharekhan's research report on Kalpataru Power Transmission
Q4FY2022 standalone performance numbers were largely affected by continuation of delayed T&D dispatches and lower order intake during H1FY2022. OPM remained under pressure owing to raw material inflation and higher freight costs. Order inflows for Q4FY22 were healthy at Rs. 4,598 crore (L1 of Rs. 1,500 crore) and Rs. 8,159 crore for FY22 (including LMG & Fasttel). Management guided for consolidated order inflows of ~Rs. 22,000 crore for FY23 with equal contribution from KPTL and JMC. JMC positively surprised on execution. The management expects 15-20% y-o-y (conservatively) growth in JMC’s revenues for FY2023 and OPM to be at ~9%.
Outlook
We maintain a Buy rating on Kalpataru Power Transmission Limited (KPTL) with a revised PT of Rs. 398, factoring downward revision in standalone estimates and lower valuation of JMC Projects.
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