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To the Auditor's Report on Consolidated couple of years, we calibrated our approach with increased thrust on international markets. This shift served us Making Growth very well in not only sustaining growth on immediate basis but also clawing deeper out overseas credentials. With the growth momentum accelerating in our domestic markets, we have recalibrated our eforts Sustainable and attention with adequate allocations At KPTL, we continue to make growth to domestic opportunities. In the dynamically evolving global world sustainable preferring return ratios over order, one needs to set and achieve priorities in an equally dynamic manner. revenue ratios. At KPTL, it is better done one priority at To grow is the basic tenet of any business. us to many a nuances of the external a time. The capability-building program, To sustain growth over a longer period environment, some favorable and some though, remains in continuum. Diversity, a of time is the true measure of a mature testing ones. We choose to temporarily well-conceived and hard earned virtue of business. calibrate our approach towards what ours continues to yield dual advantages appears best suited for a particular phase – launch pad in good times and shock As a multi-discipline multi-nation of journey. Yet, from the longer-term absorber in not so good times. infrastructure development conglomerate, perspective, we stay focused on quality at KPTL we remain steadfast in enriching and sustainable growth. With right prioritization, continued the quality of our growth in order to capability building and our quintessential make it sustainable. Marching forward While domestic power sector went diversity, at KPTL we continue to make on our defined business path exposes through very testing times in the last growth sustainable. Kalpataru Power Transmission Limited FINANCIAL HIGHLIGHTS Standalone 2011-12 2012-13 2013-14 2014-15 2015-16 2015-16 ` in Cr. USD in Mn Production in MTs * 127,331 * 151,772 *177,583 *151,480 *144,887 *144,887 Gross Revenue 3,092.2 3,421.4 4,176.8 4,493.8 4,471.4 674.1 Sales Growth (%) 5.2 10.6 22.1 7.6 -0.5 -0.5 International Revenue 1,002.6 1,293.7 1,838.5 2,395.8 2,390.2 360.3 Total Expenditure 2,763.0 3,099.3 3,790.6 4,067.0 4,004.5 603.8 Operating Profit (PBDIT & other income) 329.2 322.1 386.2 426.8 466.9 70.3 Other Income 51.2 47.7 48.4 52.2 50.8 7.7 Interest 108.2 122.0 146.0 140.9 127.5 19.2 Profit before depreciation & tax (PBDT) 272.2 247.8 288.6 338.1 390.2 58.8 Depreciation 48.1 52.3 69.5 85.2 83.7 12.6 Profit before Tax 224.1 195.5 219.1 252.9 306.5 46.2 Provision for Taxation (Incl. FBT & Deferred Tax) 59.2 57.9 72.7 87.3 107.0 16.1 Profit after Tax (PAT) 164.9 137.6 146.4 165.6 199.5 30.1 Equity Share Capital 30.7 30.7 30.7 30.7 30.7 4.6 Net Worth 1,742.6 1,846.0 1,953.9 2,070.5 2,258.3 340.4 Long Term Borrowing (including current maturities) 235.6 211.4 154.0 355.1 311.7 47.0 Short Term Borrowings 236.6 379.7 631.0 616.3 287.0 43.3 Total Borrowings (including current maturities) 472.1 591.1 785.0 971.4 598.7 90.3 Debt Equity Ratio (Total) 0.28:1 0.32:1 0.40:1 0.47:1 0.27:1 0.27:1 Book Value Per Equity Share (`/$) 113.6 120.3 127.3 134.9 147.2 2.2 Earning per Equity Share (`/$) 10.7 9.0 9.5 10.8 13.0 0.2 Operating Profit (%) 10.6 9.4 9.2 9.5 10.4 10.4 Profit before Tax (%) 7.1 5.7 5.2 5.6 6.8 6.8 Profit after Tax (%) 5.3 4.0 3.5 3.6 4.4 4.4 Order Book at year end 6,100 6,800 6,500 5,150 8,300 1,251 Consolidated Gross Revenue 5,367.5 6,171.0 7,211.8 7,269.7 7,487.2 1,128.7 Profit After Tax (PAT) 188.7 129.5 122.2 120.4 117.5 17.7 Earning per Equity Share (`)12.38.48.07.87.60.1 Consolidated Order Book at year end 11,700 12,400 11,600 10,800 14,500 2,186 *The quantity includes production, on jobwork basis and purchased from/got processed from third parties. 1 USD = ` 66.3329 2 | CORPORATE OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS STATUTORY REPORTS FINANCIAL STATEMENTS Standalone Consolidated Gross Revenue Gross Revenue (` Cr) (` Cr) 7,380 7,212 7,270 6,171 5,368 4,494 4,177 4,471 3,421 3,092 2011-12 2012-13 2013-14 2014-15 2015-16 2011-12 2012-13 2013-14 2014-15 2015-16 EBITDA EBITDA (` Cr) (` Cr) 807 704 590 500 467 475 427 386 329 322 2011-12 2012-13 2013-14 2014-15 2015-16 2011-12 2012-13 2013-14 2014-15 2015-16 PAT PAT (` Cr) (` Cr) 200 189 165 166 146 138 130 122 120 118 2011-12 2012-13 2013-14 2014-15 2015-16 2011-12 2012-13 2013-14 2014-15 2015-16 Annual Report 2015-16 | 3 Kalpataru Power Transmission Limited Chairman’s Message We continue to scout for new business avenues, though only under our existing diversified umbrella. Our quest for geographic expansion yielded rich results with successful foray into Malavi, Afghanistan, Botswana & Mauritania. 4 | CORPORATE OVERVIEW MANAGEMENT DISCUSSION & ANALYSIS STATUTORY REPORTS FINANCIAL STATEMENTS Dear Shareholders, Business Approach ` 2,483.7 Cr. The operating profit Long term approach on sustainability improved by 15.1% at ` 265.7 Cr. in FY16 It gives me immense pleasure to with a clear focus, viz. Capex over FY15. The net profit grew by 37% to connect with you through this 35th in manufacturing capacities, ` 41 Cr. in FY16 as compared to last year. At Annual Report of our Company. The international assets, etc. the end of FY16, JMC Projects standalone Indian economy has shown signs of Focus on large-sized margin- order book stood at ` 6,200 Cr. resilience amidst global slowdown. accretive orders adding sustainably Despite twin consecutive monsoon to our bottom-line Going ahead, we expect sizable deficits, the Government has rightfully Successfully forayed into new orders from Power Grid Corporation increased its focus towards rural geographies: Malavi, Afghanistan, of India Limited (PGCIL) & SEBs for our economy as well the infrastructure Botswana & Mauritania domestic transmission business. On projects. The Union Budget 2016 the international front we have lot of increased its capital expenditure Enhancing Efciencies opportunities in African & CIS market with allocations by 3.9% to ` 2,470.2 billion, Modernization of Gandhinagar plant huge order in pipeline. We continue to which shall trigger new infrastructure has led to savings in conversion cost maintain our focus on Quality Assurance projects. The Government’s Discom Enhanced capacity of our Raipur & Safety Standards. rescue scheme UDAY (Ujwal Discom plant to rationalize & optimize the Assurance Yojna) aims to address cost of production The Government plans to invest perennial issues clogging the power Processes and systems further ` 8.56 trillion between FY16 and FY20 sector for long. It can empower the strengthened through strict on revamping Indian Railways through Discoms to break-even in next 2-3 adherence to SAP & SOP (Standard improved infrastructure, communication years. The Government needs to Operation Processes) and passenger safety. India’s gas intensify impending structural reforms production is expected to touch 90 in order to enhance the ease of doing HR Initiatives Billion Cubic Metres (BCM) in 2040 from business in India. Forecast of a good Accelerated our team building 35 BCM in 2013, signifying tremendous monsoon coupled with sustained eforts by adding talent across key opportunity in laying new pipeline foreign investments can add the leadership roles in T&D segment projects. There lies a huge scope of necessary fillip to country’s socio- Re-aligned existing roles and development of various infrastructural economic development. functions for gainfully deploying our projects in India. We continue to bid human capital and win projects which enhance our Despite beginning FY16 with moderate Proud to be a ‘Great Place to Work’ operational efficiency and leverage our order book, we stayed focused on enterprise with an efective 360 execution skills. enhancing our profitability and achieved degree feedback it through further strengthening of our Leadership development programmes, I take this opportunity to express my cost leadership and speedy execution trainings etc. stemmed to lift talent gratitude to all the stakeholders for their prowess. During the year, our pool morale unwavering belief in Kalpataru Power standalone revenue declined by 1% at Transmission Limited and also extend ` 4,364.6 Cr. and consolidated New Projects Snapshot my gratitude to our ‘human capital’ for revenue grew by 3% at ` 7,380.4 Cr. Increased width of PQ’s in substation their passion, dedication and valuable Our EBIDTA during the year was business & Railway electrification contribution. ` 467 Cr. and we have managed to with expansion into new geographies improve our EBITDA margin to 10.8% Significant growth in T&D domestic in FY16 from 9.8% in FY15, attributable orders with PGCIL & SEBs Mofatraj P. Munot largely to operational efficiencies. As Significant increase in order book of Chairman compared to FY15, our PAT grew by railways & pipeline division 20% at ` 199.5 Cr.
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