B L Kashyap & Sons Limited announced their financial results for the fiscal year 2022-23. During the fourth quarter of FY2022-23, the company reported revenue of INR 282.10 crore, a 12% growth over the third quarter revenue of INR 251.37 crore. For the 12 months period ended March 31, 2023, the company posted consolidated revenue of INR 1116.15 crore.
The company received orders worth Rs. 1125.22 crore during the year and the order book closed at Rs. 2522 crore for the year ended March 31, 2023. The current order book stands at approx Rs. 2650 crore. The order inflow for the fourth quarter ended March 31, 2023 stood at Rs. 692.72 crore, registering an exponential growth over the sequential quarter of the same year. During the year, orders were received across multiple segments like railways, business parks, educational institutions and residential complex. The composition of order book - segment wise is as follows: Commercial – 66%, Residential – 7%, Infrastructure/Industrial –27% and sector wise order book: Government – 30% Private - 70%. Geographical presence with order in hand: Karnataka – 50.81%, Haryana – 10.40%, Uttar Pradesh – 9.55%, Gujarat - 6.13%, Tamil Nadu - 2.60%, Delhi - 15.60%, Telangana 4.91%. The average order execution cycle is 18 - 24 months. Going forward, the company’s growth will be aided by strong execution of the order book and robust momentum in the construction and infrastructure sector as can be seen by the heavy inflow of projects.
Commenting on the results, Vineet Kashyap, Managing Director, B L Kashyap & Sons Ltd. said, “Our journey towards improving financial performance is picking up steam as witnessed in FY23. Though revenue bookings were impacted on account of unseasonal rains and flooding in South as well as material strike hence causing demobilization, delays due to design changes and approvals. There has been robust growth in order intake during the year and substantial jump in outstanding order book position at the end of financial year clearly giving strong visibility of earnings in the coming years. With stronger order book and execution visibility, the company would leverage on the scale of operations resulting in improvement in margins and profitability going forward. We have focused on strengthening the balance sheet with debt reduction plans.”
Kashyap further added, “The company’s growth trajectory will continued with sharp focus on project wins, timely execution of our order book, expansion of our infrastructure and government portfolio as well as optimum use of capital and other resources. The Company is optimistic about its growth aspirations in the medium term despite and is committed to creation of sustainable value to all its stakeholders. While our business navigates spending more cautiously in this macro environment, we continue to prioritize our investments in modern construction technologies and innovations. We believe our fundamentals are strong and there’s much growth ahead.”
As the environment is dynamic and changing, the company will continue to see positive interest from customers and the recent inflow of orders is a testament to B L Kashyap's project execution capabilities. With government’s major focus on infrastructure development, there are tremendous opportunities resulting in a large order pipeline. There’s a constant endeavor to improve efficiency and cost to build a path to higher margins in the medium term. BLK will continue to invest in human resources and in supporting customers.
