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Below are Quote on Kalpataru Power - 4QFY21 by Milan Desai, Lead Equity Analyst, Angel Broking

Kalpataru Power Transmission’s (KPTL) standalone numbers have come in-line with expectations. Standalone revenue grew by 1.5% YoY and 17.3% QoQ respectively to Rs. 2,337 crores while EBITDA Margins were down ~60bps YoY and flat on QoQ basis. As per expectations, interest expense declined by ~39% YoY on account of ~Rs. 228 crores YoY reduction in gross debt levels. Adj. PAT grew by 21.5% YoY to Rs. 130 crores but the same was down 4.6% QoQ on account of exceptional item in Q3 pertaining to transfer of equity stake and fair value gain from sale of Alipurduar Transmission. The standalone order book stood at Rs. 13,980 crores and L1 of ~Rs.1,300 crores. On consolidated level, the revenue grew by ~16% YoY to Rs. 4,086cr with growth being driven by robust execution in T&D, B&F, Water and Urban Infra business. The consolidated order book stood at Rs. 27,900 crores and L1 was Rs. 2,300 crores as on 31 March 2021. Considering further divestments and guided reduction in promoter pledge, we believe the current valuations are undemanding and hence, we have a positive view on the stock.

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