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Prabhudas Lilladher Report
Kalpataru Projects International Ltd. reported decent quarterly performance with standalone revenue growth of ~18.2% YoY and Ebitda margins contracting 40 basis points YoY to 8.3% factoring in legacy executions.
Net working capital days improved to 112 days versus 117 days in Q3 FY23, driven by efforts towards project closure and timely collections. Order pipeline remains strong across business verticals such as transmission and distribution, water, buildings and factories and oil and gas, urban infra.
Kalpataru Projects' management is confident of achieving ~20-25% revenue growth and 4.5-5% profit before tax margins for FY24 on the back of improved execution and strong order book.
Order inflows to be Rs 240 billion plus for FY24. Going forward, focus will be on selective bidding in large size projects with sustained margins and better cash conversion.
Amid strong infrastructure spending, expanding presence in large size projects in underground tunneling, airport, design build B&F projects, data centers, metro rail, industrial plants etc.
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