KALPATARU PROJECTS INTERNATIONAL 2023-24 Annual Report Analysis

Fri, 21 Jun

KALPATARU PROJECTS INTERNATIONAL has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

KALPATARU PROJECTS INTERNATIONAL Income Statement Analysis

• Operating income during the year rose 20.0% on a year-on-year (YoY) basis.
• The company's operating profit increased by 15.9% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 9.2% in FY24 as against 9.6% in FY23.
• Depreciation charges increased by 20.8% and finance costs increased by 13.3% YoY, respectively.
• Other income declined by 27.4% YoY.
• Net profit for the year grew by 18.6% YoY.
• Net profit margins during the year declined from 2.7% in FY23 to 2.6% in FY24.

KALPATARU PROJECTS INTERNATIONAL Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	163,614	196,264	20.0%
Other income	Rs m	911	661	-27.4%
Total Revenues	Rs m	164,525	196,926	19.7%
Gross profit	Rs m	15,634	18,122	15.9%
Depreciation	Rs m	3,918	4,733	20.8%
Interest	Rs m	6,212	7,039	13.3%
Profit before tax	Rs m	6,415	7,012	9.3%
Tax	Rs m	2,065	1,853	-10.3%
Profit after tax	Rs m	4,350	5,159	18.6%
Gross profit margin	%	9.6	9.2
Effective tax rate	%	32.2	26.4
Net profit margin	%	2.7	2.6

Must See: These Segments are Witnessing Incredible Growth with Modi's Push

KALPATARU PROJECTS INTERNATIONAL Balance Sheet Analysis

• The company's current liabilities during FY24 stood at Rs 144 billion as compared to Rs 121 billion in FY23, thereby witnessing an increase of 18.5%.
• Long-term debt stood at Rs 14 billion as compared to Rs 12 billion during FY23, a growth of 19.2%.
• Current assets rose 17% and stood at Rs 173 billion, while fixed assets fell 2% and stood at Rs 36 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 219 billion as against Rs 194 billion during FY23, thereby witnessing a growth of 13%.

KALPATARU PROJECTS INTERNATIONAL Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	47,206	51,380	8.8
Current Liabilities	Rs m	121,354	143,782	18.5
Long-term Debt	Rs m	12,148	14,475	19.2
Total Liabilities	Rs m	194,024	218,501	12.6
Current assets	Rs m	147,286	172,604	17.2
Fixed Assets	Rs m	36,512	35,711	-2.2
Total Assets	Rs m	194,024	218,501	12.6

KALPATARU PROJECTS INTERNATIONAL Cash Flow Statement Analysis

• KALPATARU PROJECTS INTERNATIONAL's cash flow from operating activities (CFO) during FY24 stood at Rs 8 billion, an improvement of 28.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -3 billion on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs -5 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs 527 million from the Rs -1 billion net cash flows seen during FY23.

KALPATARU PROJECTS INTERNATIONAL Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	6,564	8,430	28.4%
Cash Flow from Investing Activities	Rs m	-3,261	-2,631	-
Cash Flow from Financing Activities	Rs m	-4,379	-5,240	-
Net Cash Flow	Rs m	-1,043	527	-

Current Valuations for KALPATARU PROJECTS INTERNATIONAL

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs 31.8, an improvement from the EPS of Rs 26.8 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 1,155.2, stands at 36.4 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at 3.7 times, while the price to sales ratio stands at 1.0 times.
• The company's price to cash flow (P/CF) ratio stood at 13.5 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	1,007.2	1,208.2
TTM Earnings per share	Rs	26.8	31.8
Diluted earnings per share	Rs	26.8	31.8
Price to Cash Flow	x	10.5	13.5
TTM P/E ratio	x	20.0	36.4
Price / Book Value ratio	x	1.6	2.6
Market Cap	Rs m	75,493	133,738
Dividends per share (Unadj.)	Rs	7.0	8.0

Ratio Analysis for KALPATARU PROJECTS INTERNATIONAL

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.2x during FY24, from 1.2x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio deteriorated and stood at 2.0x during FY24, from 2.0x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 10.0% during FY24, from 9.2% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 21.3% during FY24, from 21.3% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 5.6% during FY24, from 5.4% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.2	1.2
Debtors’ Days	Days	12	11
Interest coverage	x	2.0	2.0
Debt to equity ratio	x	0.3	0.3
Return on assets	%	5.4	5.6
Return on equity	%	9.2	10.0
Return on capital employed	%	21.3	21.3

To see how KALPATARU PROJECTS INTERNATIONAL has performed over the last 5 years, please visit here.

KALPATARU PROJECTS INTERNATIONAL Share Price Performance

Over the last one year, KALPATARU PROJECTS INTERNATIONAL share price has moved up from Rs 534.7 to Rs 1,155.2, registering a gain of Rs 620.6 or around 116.1%.

Meanwhile, the S&P BSE CAPITAL GOODS Index is trading at Rs 72,473.6 (up 0.4%). Over the last one year it has moved up from 39,945.7 to 72,473.6, a gain of 32,528 points (up 81.4%).

Overall, the S&P BSE SENSEX is up 22.7% over the year.

(To know more, check out historical annual results for KALPATARU PROJECTS INTERNATIONAL and quarterly results for KALPATARU PROJECTS INTERNATIONAL)