Kalpataru Projects International Ltd (Standalone), Q4FY2025 results

• Revenues for Q4FY25 grew by 20% yoy to Rs 6,204 crore ahead of our estimates of Rs 6,073 crore. Revenue growth was backed by strong performance in T&D (19%), Oil and Gas (152%), urban infra (33%) business but compensated  by 32% degrowth in water business.
• The operating margins improved by 65 bps to 8.4% vs our expectations of 8.3%.  Further cushioned by lower interest cost PAT improved by 61% to Rs 241 crore strongly beating our estimates of Rs 213 crore.
• The current order book position is around Rs 64495 crore. YTD order inflows is Rs 25475 crore
• View: KPIL had a strong set of results. We shall review our earnings estimates and come out with a detailed note post the conference call.  Currently we have a Buy rating on the stock. 

Results (consolidated)                                                                                             Rs crore

 Actual vs. estimates                                                Rs. Crore