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Dolat Capital Report
Kalpataru Power Transmission Ltd. delivered resilient standalone Ebitda margin of 10.2% (~120 basis points ahead of consensus estimate) as provisions of Rs 1.4 billion done for higher commodity prices in March 2021 offset the negative impact of $3 million (50% of annual estimate) in Q1 FY22 due to increased fright and logistics cost.
Despite in line operating performance, profit after tax came in 16% below consensus estimate owing to increased interest costs (up 21% QoQ) and higher tax rate (34%).
Although order inflow during Q1 FY22 was subdued, Kalpataru Power has retained its FY22 guidance of Rs 90 billion given the healthy tendering visibility (~Rs 450 billion) from international transmission and distribution, railway and oil and gas.
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