JMC Projects (India)

Order book stood at Rs 10492 crore

Feb 17, 2020 05:02 IST capital market

JMC Projects (India), a subsidiary of Kalpataru Power Transmission that engaged in construction of buildings and factories, highways etc has registered 4% growth in standalone revenue to Rs 928.78 crore for the quarter ended Dec 2019. Higher sales together with 90 bps expansion in operating profit margin facilitated 13% growth in operating profit to Rs 103.04 crore. The other income was down by 19% to Rs 5.46 crore and thus the PBIDT was up by 11% to Rs 108.50 crore. After accounting for higher interest cost and higher depreciation, the PBT was down by 4% to Rs 48.46 crore. With taxation stand lower by 30% to Rs 9.76 crore, the PAT was up by 5% to Rs 38.70 crore.
  • Just an early single digit growth of 4% on an empirically strong quarter for the industry and strong opening order book is largely as the company purposely slowdown execution of certain orders it seems.
  • Operating profit margin expanded by 90 bps on year on year basis to 11.1% on the back of all cost heads barring material consumed and staff cost ease. Looking at cost overheads, the material cost as proportion to sales was up by 420 bps to 47.4%. Similarly the staff cost was up by 80 bps to 9.5%. However the construction expense was down by 600 bps to 28.6% and OE down by 590 bps to 32%. The lower construction expense and OE has more than offset the rise in material and staff cost facilitating expansion in OPM. Thus on higher sales and marginal expansion in OPM the operating profit was up by 13% to Rs 103.04 crore.

Consolidated sales for the quarter was up by 4% to Rs 966.47 crore and with OPM expand by 50 bps to 13.5%, the growth at operating profit was 8% to Rs 130.84 crore. After accounting for lower OI, higher interest and depreciation the PBT was down by 18% to Rs 30.52 crore. Share of profit from jv was a loss of Rs 4.36 crore (down 10%) and thus the PBT was down by 19% to Rs 26.16 crore. After accounting for taxation (down 56% to Rs 5.25 crore) the PAT was eventually up by 3% to Rs 20.91 crore.

Nine month performance

Sales for the quarter was up by 20% to Rs 2774.39 crore and the OPM expand by 70 bps to 11%, the operating profit was up by 27% to Rs 304.90 crore. After accounting for hither OI, higher interest cost and higher depreciation, the PBT was up by 19% to Rs 148.69 crore. The taxation was up by 13% to Rs 35.35 crore and the PAT was eventually up by 21% to Rs 113.34 crore.

Consolidated sales was up by 19% to Rs 2890.03 crore and the operating profit was up by 21% to Rs 390.45 crore facilitated by higher sales and 20 bps expansion in OPM. Eventually the PAT was up by 35% to Rs 55.96 crore.

Other developments

Order book as end of Dec 2019 stood at RS 10492 crore and of the order book Building & Factories accounts for about 64%( government 9%; private 55%); infrastructure 33% and industrial 4%. In addition the company has L1 orders worth Rs 950 crore.

YTD order inflow is at Rs 3364 crore and of which the B&F orders were 84% and balance are infra projects.

JMC Projects: Results

 

1912 (3) 1812 (3) Var. (%) 1912 (9) 1812 (9) Var. (%) 1903 (12) 1803 (12) Var.(%)
Sales 928.78 893.03 4 2774.39 2315.36 20 3252.86 2755.64 18
OPM (%) 11.1 10.2 11.0 10.3 10.4 10.3
OP 103.04 91.18 13 304.90 239.53 27 336.92 284.76 18
Other inc. 5.46 6.78 -19 19.17 18.79 2 24.79 17.62 41
PBIDT 108.50 97.96 11 324.07 258.32 25 361.71 302.38 20
Interest 30.58 25.24 21 91.35 73.51 24 95.06 85.78 11
PBDT 77.92 72.72 7 232.72 184.81 26 266.65 216.60 23
Dep. 29.46 22.10 33 84.03 60.10 40 78.13 71.65 9
PBT 48.46 50.62 -4 148.69 124.71 19 188.52 144.95 30
Taxation 9.76 13.85 -30 35.35 31.28 13 46.39 38.83 19
PAT 38.70 36.77 5 113.34 93.43 21 142.13 106.12 34
EPS (Rs)* # # # # 8.5 6.3
* EPS is on current equity of Rs 33.58 crore, Face value of Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

JMC Projects: Consolidated Results

 

1912 (3) 1812 (3) Var. (%) 1912 (9) 1812 (9) Var. (%) 1903 (12) 1803 (12) Var.(%)
Sales 966.47 932.64 4 2890.03 2426.77 19 3407.22 2888.14 18
OPM (%) 13.5 13.0 13.5 13.3 13.2 12.4
OP 130.84 120.84 8 390.45 322.29 21 450.68 356.92 26
Other inc. 5.49 6.82 -20 19.36 18.93 2 26.34 17.58 50
PBIDT 136.33 127.66 7 409.81 341.22 20 477.02 374.50 27
Interest 65.17 60.28 8 194.92 176.48 10 230.80 224.07 3
PBDT 71.16 67.38 6 214.89 164.74 30 246.22 150.43 64
Dep. 40.64 30.32 34 111.67 83.61 34 110.33 99.93 10
PBT 30.52 37.06 -18 103.22 81.13 27 135.89 50.50 169
Share of profit from JV -4.36 -4.86 -10 -18.28 -14.63 25 -20.50 0.00
PBT 26.16 32.20 -19 84.94 66.50 28 115.39 50.50 128
Taxation 5.25 11.81 -56 28.98 25.09 16 38.75 23.65 64
PAT 20.91 20.39 3 55.96 41.41 35 76.64 26.85 185
Minority Interest 0.00 0.00 0.00 0.00 0.00 0.00
PAT after MI 20.91 20.39 3 55.96 41.41 35 76.64 26.85 185
EPS (Rs)* # # # # 4.6 1.6
* EPS is on current equity of Rs 33.58 crore, Face value of Rs 2
# EPS is not annualised due to seasonality of business
Figures in Rs crore
Source: Capitaline Corporate Database

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