Annonce • Feb 03
JMC Projects (India) Limited to Report Q3, 2023 Results on Feb 09, 2023 JMC Projects (India) Limited announced that they will report Q3, 2023 results on Feb 09, 2023 Annonce • Jan 05
Kalpataru Power Transmission Limited (BSE:522287) complete the acquisition of the remaining 32.3% stake in JMC Projects (India) Limited (BSE:522263). Kalpataru Power Transmission Limited (BSE:522287) entered into a scheme of amalgamation to acquire remaining 32.3% stake in JMC Projects (India) Limited (BSE:522263) for INR 5.3 billion on February 19, 2022. Pursuant to the scheme, JMC’s shareholders (other than Kalpataru ) will be allotted one share of Kalpataru Power Transmission Limited (KTPL) against every four shares held by them in JMC. Pursuant to the scheme becoming effective, JMC will be dissolved without being wound up. The scheme is subject to receipt of necessary approvals from the Hon'ble National Company Law Tribunal, statutory authorities, stock exchanges, the Securities and Exchange Board of India, shareholders, creditors and such other authorities, as may be required. The Board of Directors of Kalpataru Power Transmission Limited and JMC Projects (India) Ltd. approved the scheme on February 19, 2022. As of December 30, 2022, JMC and Kalpataru Power have mutually fixed January 11, 2023 as the Record Date for the purpose of determining the shareholders of the JMC to whom the equity shares of KPTL would be allotted, pursuant to the Scheme. As of December 21, 2022, the transaction has been approved by the NCLT of India. The merger is expected to be completed in Q4FY23. Anand Rathi Advisors acted as fairness opinion provider to JMC while JM Financial Limited (BSE:523405) acted as fairness opinion provider to KTPL. Anisha Chand and Sharad Abhyankar of Khaitan & Co acted as legal advisor to KTPL and JMC. Ernst & Young Merchant Banking Services Private Limited acted as independent valuer and financial advisor to KTP.
Kalpataru Power Transmission Limited (BSE:522287) complete the acquisition of the remaining 32.3% stake in JMC Projects (India) Limited (BSE:522263) on January 4, 2022. Price Target Changed • Jan 04
Price target increased to ₹141 Up from ₹116, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₹135. The company posted earnings per share of ₹1.08 last year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Non-Executive Director Amit Uplenchwar was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Buying Opportunity • Nov 10
Now 20% undervalued Over the last 90 days, the stock is up 29%. The fair value is estimated to be ₹146, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 25%. Reported Earnings • Nov 10
Second quarter 2023 earnings released: EPS: ₹2.77 (vs ₹0.09 loss in 2Q 2022) Second quarter 2023 results: EPS: ₹2.77 (up from ₹0.09 loss in 2Q 2022). Revenue: ₹18.5b (up 36% from 2Q 2022). Net income: ₹465.1m (up ₹479.9m from 2Q 2022). Profit margin: 2.5% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₹108, the stock trades at a trailing P/E ratio of 29.9x. Average trailing P/E is 19x in the Construction industry in India. Total returns to shareholders of 1.6% over the past three years. Upcoming Dividend • Jul 19
Upcoming dividend of ₹1.00 per share Eligible shareholders must have bought the stock before 26 July 2022. Payment date: 01 September 2022. Payout ratio is on the higher end at 92%, however this is supported by cash flows. Trailing yield: 1.3%. Lower than top quartile of Indian dividend payers (1.8%). In line with average of industry peers (1.4%). Reported Earnings • Jul 13
Full year 2022 earnings released: EPS: ₹1.08 (vs ₹1.56 loss in FY 2021) Full year 2022 results: EPS: ₹1.08 (up from ₹1.56 loss in FY 2021). Revenue: ₹55.2b (up 44% from FY 2021). Net income: ₹181.9m (up ₹443.9m from FY 2021). Profit margin: 0.3% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Price Target Changed • Jun 07
Price target decreased to ₹127 Down from ₹139, the current price target is provided by 1 analyst. New target price is 65% above last closing price of ₹76.80. The company posted earnings per share of ₹1.08 last year. Reported Earnings • May 14
Full year 2022 earnings released: EPS: ₹1.08 (vs ₹1.56 loss in FY 2021) Full year 2022 results: EPS: ₹1.08 (up from ₹1.56 loss in FY 2021). Revenue: ₹55.7b (up 45% from FY 2021). Net income: ₹181.9m (up ₹443.9m from FY 2021). Profit margin: 0.3% (up from net loss in FY 2021). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Price Target Changed • Apr 27
Price target increased to ₹139 Up from ₹98.67, the current price target is provided by 1 analyst. New target price is 68% above last closing price of ₹82.85. The company posted a net loss per share of ₹1.56 last year. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 1 experienced director. 6 highly experienced directors. Non-Executive Director Amit Uplenchwar was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 13
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: ₹1.71 loss per share (down from ₹0.16 profit in 3Q 2021). Revenue: ₹13.9b (up 25% from 3Q 2021). Net loss: ₹286.5m (down ₹313.5m from profit in 3Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 01
Second quarter 2022 earnings released: ₹0.09 loss per share (vs ₹1.08 loss in 2Q 2021) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2022 results: Revenue: ₹13.7b (up 62% from 2Q 2021). Net loss: ₹14.8m (loss narrowed 92% from 2Q 2021). Reported Earnings • Aug 03
First quarter 2022 earnings released: ₹0.60 loss per share (vs ₹3.11 loss in 1Q 2021) The company reported a solid first quarter result with reduced losses, improved revenues and improved control over expenses. First quarter 2022 results: Revenue: ₹11.6b (up 133% from 1Q 2021). Net loss: ₹101.5m (loss narrowed 81% from 1Q 2021). Upcoming Dividend • Jun 29
Upcoming dividend of ₹0.70 per share Eligible shareholders must have bought the stock before 06 July 2021. Payment date: 13 August 2021. Trailing yield: 0.6%. Lower than top quartile of Indian dividend payers (1.5%). Lower than average of industry peers (1.2%). Reported Earnings • Jun 23
Full year 2021 earnings released: ₹1.56 loss per share (vs ₹0.071 profit in FY 2020) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2021 results: Revenue: ₹38.4b (flat on FY 2020). Net loss: ₹262.0m (down ₹273.9m from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 87 percentage points per year, which is a significant difference in performance. Reported Earnings • May 12
Full year 2021 earnings released: ₹1.56 loss per share (vs ₹0.071 profit in FY 2020) The company reported a poor full year result with weaker earnings and control over costs, although revenues were flat. Full year 2021 results: Revenue: ₹38.7b (flat on FY 2020). Net loss: ₹262.0m (down ₹273.9m from profit in FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 05
New 90-day high: ₹79.65 The company is up 6.0% from its price of ₹75.00 on 04 December 2020. The Indian market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 29% over the same period. Price Target Changed • Mar 04
Price target raised to ₹82.33 Up from ₹69.33, the current price target is provided by 1 analyst. The new target price is 6.5% above the current share price of ₹77.30. As of last close, the stock is up 12% over the past year. Is New 90 Day High Low • Feb 04
New 90-day high: ₹77.95 The company is up 63% from its price of ₹47.85 on 06 November 2020. The Indian market is up 23% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 49% over the same period. Reported Earnings • Feb 04
Third quarter 2021 earnings released: EPS ₹0.16 (vs ₹1.26 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₹11.2b (up 16% from 3Q 2020). Net income: ₹27.0m (down 87% from 3Q 2020). Profit margin: 0.2% (down from 2.2% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 93% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 06
New 90-day low: ₹46.50 The company is down 1.0% from its price of ₹46.80 on 07 August 2020. The Indian market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 5.0% over the same period. Reported Earnings • Nov 04
Second quarter 2021 earnings released: ₹1.08 loss per share The company reported a poor second quarter result with weaker earnings, revenues and control over expenses. Second quarter 2021 results: Revenue: ₹8.48b (down 13% from 2Q 2020). Net loss: ₹181.3m (down 226% from profit in 2Q 2020).