Capacit’e Infraprojects Limited Q3 & 9M FY23 Results Release
Mumbai, February 2023: Capacit’e Infraprojects Limited (“Company”), a fast-growing construction company providing end-to-end services for residential, commercial, and Institutional buildings with a presence in Mumbai Metropolitan Region (MMR), Gandhinagar, Pune, Goa, Chennai, National Capital Region (NCR), Kochi, Hyderabad, and Bengaluru today announced its Unaudited Financial results for the quarter and nine months ended December 31, 2022.
Key Financial Highlights are as follows:
Performance highlights for Q3 FY23
Revenue from Operations for Q3 FY23 grew by 21% to ₹ 443 crores as compared to ₹ 367 crores in Q3 FY22.
EBIDTA for Q3 FY23 grew by 40% to ₹ 90 crores as compared to ₹ 64 crores in Q3 FY22. EBIDTA margin for Q3 FY23 stood at 20.1% as compared to 17.2% in Q3 FY22.
EBIT for Q3 FY23 grew by 51% to ₹ 56 crores as compared to ₹ 37 crores in Q3 FY22. EBIDTA margin for Q3 FY23 stood at 12.4% as compared to 9,9% in Q3 FY22.
PBT for Q3 FY23 grew by 62% to ₹ 31 crores as compared to ₹ 19 crores in Q3 FY22. PBT margin for Q3 FY23 stood at 6.9% as compared to 5.1% in Q3 FY22.
PAT for Q3 FY23 grew by 15% to ₹ 23 crores as compared to ₹ 14 crores in Q3 FY22. PAT margin for Q3 FY23 stood at 5.1% as compared to 3.7% in Q3 FY22.
Performance highlights for 9M FY23
Revenue from Operations for 9M FY23 grew by 36% to ₹ 1,352 crores as compared to ₹ 993 crores in 9M FY22.
EBIDTA for 9M FY23 grew by 59% to ₹ 275 crores as compared to ₹ 173 crores in 9M FY22. EBIDTA margin for 9M FY23 stood at 20.2% as compared to 17.3% in 9M FY22.
EBIT for 9M FY23 grew by 66% to ₹ 166 crores as compared to ₹ 100 crores in 9M FY22. EBIT margin for 9M FY23 stood at 12.0% as compared to 10.0% in 9M FY22.
PBT for 9M FY23 grew by 97% to ₹ 99 crores as compared to ₹ 50 crores in 9M FY22. PBT margin for 9M FY23 stood at 7.3% as compared to 5.0% in 9M FY22.
PAT for 9M FY23 grew by 98% to ₹ 73 crores as compared to ₹ 37 crores in 9M FY22. PAT margin for 9M FY23 stood at 5.4% as compared to 3.7% in 9M FY22.
Gross Debt stood at ₹ 387 crores with Gross Debt to Equity at 0.37x.
Net Debt stood at ₹ 214 crores with Net Debt to Equity at 0.20x
The working capital cycle (excluding retention) improved from 120 days in March 2022 to 98 days in December 2022, indicating a positive trend. We are focused on a meaningful reduction in the working capital cycle during the current financial year.
The Company continued its focus on increasing execution across projects.
Order book on a standalone basis stood at ₹ 9,764 crores as of December 31, 2022. The public sector accounts for 67% while the private sector accounts for 33% of the total order book.
Other Key Updates:
· Awarded project worth ₹ 3,313 crores (excluding GST) in 9M FY23, including the work amounting to ₹ 1,249 for MHADA BDD project, awarded by TPL – CIL JV.
· Appeals against the Income-tax block assessment orders have been completed for the period up to March 2020. All the disallowances made by the department have been decided in favor of the Company. As a result, the contingent liability relating to income tax demand amounting to ₹ 31.15 crores as disclosed in Annual Report 2022, will no longer be required.
· Godrej Reality has come in as a developer along with DB Reality for the One Mahalaxmi project (earlier Radius – DB Reality project). The Company has entered into a settlement agreement for ₹ 11.33 crores. Based on this, the client has released the 1st Tranche of ₹ 6.0 crores in the month of January 2023 and will be releasing the balance amount before the end of the Financial Year 2023. The Company is expecting recoveries from other slow-moving debtors as well.
On the performance Mr. Rohit Katyal, Executive Director & CFO commented, “Our progress in the quarter and nine months of the year under review reflects our resilience amid a challenging macro-economic environment.
With the healthy order book and sustained order inflow and our expertise in executing and delivering projects on time, we are optimistic that we shall witness healthy and sustainable growth. With a strong foundation in place, we enhanced our capabilities to capitalise on emerging opportunities. We will continue to expand our reach, invest in our talent pool and unlock efficiencies to deliver a robust performance year after year.
Our judicious efforts have enabled us to become an end-to-end construction service provider with a reputation for delivering impeccable quality and ensuring the timely execution of projects. Backed by a growing customer base and the dedication to hone our expertise further with the implementation of new-age processes, we are on the right track to deliver growth with prudence.
The strong impetus from the Government for the housing sector in the recent budget announcement and favorable policies are very positive for the sector and the overall economy.
The project awarding has seen an uptick and is likely to gain further momentum in the coming quarters. We are confident of achieving our guided order booking for the current financial year. Our robust execution capabilities coupled with a strong repository of asset base enabling efficient execution reflected in strong revenue growth.”