Kalpataru Projects International Ltd. share price target

KPP fails to meet expecations. We are, however, optimisitic. First, KPP lowered revenue guidance to the lower end. Indeed, it takes six months to convert order backlog to full-stream revenue. However, 30% growth in H2 revenue could perhaps slip between a cup and a lip. Second, from putative labor issues to the latest fad of demonetization, the implied revenue growth in JMC is a...

KPP beats our estimates. Contrast to our expectations, the revenue was bleak. Yet we are positive on multiple counts: First, KPP maintains the 20-25% growth in revenue guidance. Second, it takes six months to convert order backlog to full-stream revenue. Case-in-point: In the initial phase of EPC contract where design and approval is due, the time-line ostensibly spoils the show. However, that will not be the case in quarters to come by. Faced by labor issues, the revenue from JMC were down. With team building in place, Shree Subham, hopefully, will be back in green. We upgrade our recommendation to HOLD from REDUCE....

Kalpataru Powers (KPP) 1QFY17 revenue (-1% YoY) was marginally below our estimates, however better margins (11.3%, 90bps YoY) and lower interest expense (-40% YoY) led to an inline PAT (Rs 645mn, 33% YoY).

ICICI Securities Ltd | Retail Equity Research Revenues grew 1% YoY to | 1187.3 crore vs. our estimate of | 1309 crore. The key reason for the same seems to be the execution of domestic orders wherein lower commodity prices are a pass through. Hence, revenues were impacted to that extent Order inflows have been quite encouraging for the company over the last five or six quarters. Q1FY17 was no exception as it recorded inflows to the tune of | 1960 crore. Even in Q2FY17E, till now, the...

ICICI Securities Ltd | Retail Equity Research Kalpataru Power reported a stellar set of Q4FY16 numbers, which were way ahead of our estimates on all counts. Order inflows...

Kalpataru Powers (KPP) 4QFY16 was significantly ahead of our estimates driven by strong execution in the transmission EPC segment. While EBITDA margin (10.4%, 60bps) met expectations, it would have been higher if not for the Rs 200mn doubtful debt provision.