ThePRTree
New Delhi [India], August 10: B L Kashyap & Sons Limited (BSE: 532719 NSE: BLKASHYAP), one of the leading Civil Engineering and Construction Company announced their financial results for the first quarter of fiscal year 2023-24. During Q1FY24, the company reported revenue of INR 252.45 crore, a déficit of 11.6% over the corresponding quarter revenue of INR 285.61 crore in Q1FY23. PAT of INR 11.95 crore during the first quarter of FY2023 - 24 is 19.52% lower than the corresponding quarter PAT of INR14.85 Cr crore in the previous fiscal year.
The latest order secured from DLF Home Developers Limited was of Rs. 369 crore and the current order book stands at approx Rs. 2838 crore.
Commenting on the results, Vineet Kashyap, Managing Director, B L Kashyap & Sons Ltd. said, “We are pleased to announce that Vishal SharatOhri, ex-CGM (Retd.), State Bank of India (SBI) joins our board as nominee director representing the bank. Ohri comes with immense experience of 35 years. B L Kashyap is inching towards achieving its revenue targets set for FY 23-24 with healthy margin. The company has received rating by CRISIL, the highest ratings achieved in 12 years. The External Credit Ratings (ECR) by CRISIL has been upgraded to ‘B Minus Stable’ grade. We are hopefully with our future performance the rating will move higher.”
Kashyap further added that, “The revenue in the first quarter had been impacted due to the delays on account of late miletstone billings and some labour shortages because of elections in states. Revenues will be streamlined from Q2FY24 onwards. 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. Our business development efforts are centred around focusing on selective tenders from government and high margin private jobs. Tapping of new clients is actively being pursued.”
During the quarter, orders were received across multiple segments like railways, business parks, educational institutions, and residential complex.
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.
B L Kashyap & Sons Ltd. (BLK) is one of the leading Engineering, Procurement and Construction (EPC) Company. The company has a presence in 12 cities across 8 states in India. With Three decades of expertise, BLK has completed over 250 projects and more than 125 million sq. ft. The portfolio spread includes IT Campuses, Commercial Spaces, Malls, Hotels, Residential Complexes, Institutions, Factories and Manufacturing Facilities, Healthcare and Transportation. BLK has a strong workforce of 1000+ engineers & professionals.
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