Dolat Capital Market has given Buy recommendation for Kalpataru Power Transmission with a target price of Rs. 450 in its research report issued on Feb 15, 2021
Dolat Capital Market’s research report on Kalpataru Power Transmission
Sales for Q3FY21 came in flat at Rs19.9bn, largely in line with our estimates, as sites became almost fully normal with majority of projects operating at pre-COVID levels. EBITDA margins were stable at 10.4%. The company has an order book of Rs.133bn with a split of ~40% orders from O&G, urban infra and Rail business. The 9M order inflow for the company is Rs63bn with another L1 orders of Rs31bn, which makes it well on its targeted a full year order inflow of Rs90-100bn. It continues to maintain its revenue target of 0-5% in FY21 with EBDITA margins in the range of 10.5% while aiming for a double digit growth in FY22 and a similar 10.5% margins.