Kalpataru Power Transmission (KALPOW) - ICICI Direct
Kalpataru Power Transmission (KALPOW) - ICICI Direct
Kalpataru Power Transmission (KALPOW) - ICICI Direct
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KPTL witnessed strong topline growth (at the standalone<br />
level), with revenues at | 714.7 crore, up 22.5% YoY<br />
For the subsidiaries, JMC reported robust revenue growth<br />
of 43% YoY in Q2FY13<br />
EBITDA margins at 8.9% were sharply lower by 326 bps<br />
YoY. Given the rising share of international/fixed price<br />
orders in the overall order backlog, margins in the range<br />
of 10-10.5% are supposed to be the new normal, going<br />
ahead. We have built in margins of 10.1-10.5% over<br />
FY13E-14E<br />
Exhibit 6: Revenue trend<br />
(| Crore) .<br />
1200<br />
1100<br />
1000<br />
900<br />
800<br />
700<br />
600<br />
500<br />
400<br />
300<br />
200<br />
836.7<br />
715.8<br />
Q3FY10<br />
<strong>ICICI</strong> Securities Ltd | Retail Equity Research Page 4<br />
Q4FY10<br />
535.6<br />
Q1FY11<br />
630.4<br />
Q2FY11<br />
Source: Company, <strong>ICICI</strong>direct.com Research<br />
Exhibit 7: EBITDA margin trend<br />
(%)<br />
14<br />
13<br />
12<br />
11<br />
10<br />
9<br />
8<br />
7<br />
Q3FY10<br />
11.0 10.9<br />
Q4FY10<br />
Q1FY11<br />
13.0<br />
Q2FY11<br />
Source: Company, <strong>ICICI</strong>direct.com Research<br />
789.7<br />
Q3FY11<br />
884.6<br />
Q4FY11<br />
584.6 583.3<br />
Q1FY12<br />
Q2FY12<br />
800.8<br />
Q3FY12<br />
Total net sales Growth ( RHS)<br />
11.4 11.3 11.1<br />
Q3FY11<br />
Q4FY11<br />
Q1FY12<br />
11.5<br />
Q2FY12<br />
12.2<br />
1061.6<br />
Q4FY12<br />
Q3FY12<br />
11.3<br />
699.4 714.7<br />
Q1FY13<br />
Q4FY12<br />
8.8<br />
Q2FY13<br />
Q1FY13<br />
80<br />
70<br />
60<br />
50<br />
40<br />
30<br />
20<br />
10<br />
0<br />
-10<br />
-20<br />
10.1<br />
(%) .<br />
Q2FY13<br />
8.9
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