J Kumar Infra Q3 Results Review - Robust Performance Continues: Yes Securities

Yes Securities Report

J. Kumar Infraprojects Ltd. reported yet another strong quarter with revenue / Ebitda /profit after tax at Rs 10.6 billion/Rs 1.5 billion/Rs 0.7 billion beating our estimates at all fronts by 6%/21.4%/39%. 

The order inflow of Rs 16.7 billion in nine months-FY23 took the orderbook to Rs 112.1 billion (2.7 times trailing twelve months revenue) with 52% of the orders from metro segment.

J Kumar reiterated its order inflow guidance for FY23E of Rs 50 billion, of which 33.8% orders were achieved in 9MFY23. On the back of strong order book, healthy bid pipeline and robust execution, management has given revenue guidance of 15% growth in FY24E with strong operating performance (Ebitdam of 14‐15%) to continue going forward.

The balance sheet continues to be robust with gross debt at Rs 4.5 billion (debt/equity at 0.2 times).

On the working capital front, debtors have been stretched by Rs 1.7 billion to Rs 11.9 billion (versus Rs 10.2 billion in H1 FY23) of which ~Rs 4.5 billion have been collected in Jan-23.

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