Continued Strong Operational Performance
Kilburn’s standalone revenue for Q3 FY25 increased by 25% YoY to ₹91
crores, compared to ₹85 crores last year. EBITDA increased by 29% YoY to
₹22 crores, maintaining a healthy EBITDA margin of 24.6%. PAT grew by 40%
YoY to ₹14 crores. The consolidated revenue, including ME Energy, for Q3
FY25 was ₹108.27 crores with a 21.7% margin.
Stable Order Book
As Q3 FY25, Kilburn’s order book stands at ₹368 crores, and ME Energy’s
order book is at ₹441 crores, bringing the group total to ₹409 crores. The
group has also secured additional orders worth over 35 crores in the current
quarter. The current inquiry pipeline is over ₹2,000 crores, with ₹1,400 for
Kilburn and ₹600 crores for ME Energy across various verticals. The company
expects to close order intake at 500 crores plus at the group level
Expanding Capacity and Utilization
The unit at MIDC Ambernath has been handed over and is now a registered
asset of Kilburn and is expected to reach full utilization by June 2025. The
first phase of the ME energy expansion in Pune is complete and the second
phase is underway, enhancing thermal solutions.
Future Guidance
The delays and held orders have caused the company to lower their revenue
guidance for the current fiscal year. Management expects revenue between
₹450 to ₹500 crores for the current fiscal year and are confident of
maintaining a margin of 20% for the current fiscal year at group level. They
expect a turnover of ₹650 to ₹700 crores in the next financial year.
Page 24 of 24:
I would say you summed it up. I think we are in a very exciting phase of growth for the company. Obviously, next 12 months, we will see integration with Monga Strayfield and how we can leverage that company going forward. And a more exciting activity will be for M.E. Energy as well on how we pursue entry into larger spaces like cement. I think with that, we still look for a very strong year going forward…
Concall dated 22.05.2025,
Page 2 of 24: For the current financial year, we have an excellent inquiry pipeline of ₹3,000-plus crores at a consolidated level, and we hope to have a conversion rate of 20% to 25%. This would ensure sufficient backlog through the year to achieve 50% growth, which also includes full year revenue of Monga Strayfield. Going forward, we expect a CAGR of 25% to follow in the following years.
EBITDA Guidance (4 of 24) : we are guiding for between 20% to 22%, that is the range we are guiding at a consolidated level.
The real pain area for Investors cash flow conversion (9 of 24)
Q: Actually, I want to ask on a consolidated basis, our revenue and profitability look very good. But our CFFO is not good for many years. So currently, on a consolidated basis, CFFO is negative. So can you explain?
A : if you see with the long delivery of our projects and the times that are taken, there is a buildup of debtors as well as our unbilled revenue contract assets. In the last month itself of March, we have dispatched around ₹30 crores to ₹40 crores of billing has been done. So that has led to increase in our debtors also. And even though the cash flows from operations is negative, we have put in funds for the buildup of this inventory through this share issue as well as sort of ICDs, which we have taken from our subsidiary companies. So it has been…
Standalone balance sheet has a term loan, which has come in short-term term loans, it is actually from Monga Strayfield only. So in your cash flow statement, there’s a variance because the company paid extra to Monga Strayfield shareholders because they were sitting on ₹30 crores of cash balance. So once the acquisition was completed, we’ve taken that as an ICD back in our books and M.E. Energy’s books.
So, Healthy order book, Good Revenue visibility and steady EBITDA margin 20-22% , the only concern to conversion in the cash flow. MUST look and invest
One thing i noticed because of acquisitions margins can come down
because subsidary acquisitions have low margin compared to main.
Topline could have no effect but bottomline we have to see.
