Inkel Limited Company Fundamental ()

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Inkel Limited Company Fundamental

DRHP Status : Not Filed

21

Current Price 21
Market Cap 373.41 Cr
ISIN INE308U01017
Face Value 10
P/E Ratio 13.82
EPS 1.74
P/B Ratio 1.73
Book Value 12.14
Debt to Equity Ratio 0.55
P&L Statement 2021 2022 2023 2024
Revenue 112 92 82 98
Cost of Material Consumed 22 28 28 33
Gross Margins 80.36 69.57 65.85 66.33
Change in Inventory 0.38 2.85 -0.75 1
Employee Benefit Expenses 9.33 7.63 8.19 8
Other Expenses 34 28 23 16
EBITDA 46.29 25.52 23.56 40
OPM 41.33 27.74 28.73 40.82
Other Income 13 11 18 18
Finance Cost 16.46 14 12 14
D&A 3.08 2.48 3.22 3
EBIT 43.21 23.04 20.34 37
EBIT Margins 38.58 25.04 24.8 37.76
PBT 36 15 18 40
PBT Margins 32.14 16.3 21.95 40.82
Tax 6.18 7.18 3.56 9
PAT 29.82 7.82 14.44 31
NPM 26.63 8.5 17.61 31.63
EPS 1.68 0.44 0.82 1.74
Financial Ratios
 2021 2022 2023 2024
Operating Profit Margin 41.33 27.74 28.73 40.82
Net Profit Margin 26.63 8.5 17.61 31.63
Earning Per Share (Diluted) 1.68 0.44 0.82 1.74
Assets 2021 2022 2023 2024
Fixed Assets 82 74 73 65
CWIP 6 1.2 18 2
Investments 0 0 0 18
Trade Receivables 88 76 100 95
Inventory 0.64 0.48 0 0
Other Assets 304 317 260 274
Total Assets 480.64 468.68 451 454
Liabilities 2021 2022 2023 2024
Share Capital 177.81 177.81 177 177.81
FV 10 10 10 10
Reserves 30 34 27 38
Borrowings 169 148 130 118
Trade Payables 27 36 33 30
Other Liabilities 77 73 84 90.19
Total Liabilities 480.81 468.81 451 454
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About INKEL LIMITED UNLISTED SHAREINKEL Limited was established by the Government of Kerala to channelize private capital and professional expertise into large scale projects such as roads & bridges, industrial business park, transport, power, trade centres, etc.

Strengths:

  1. Experienced Management and Government Support: Inkel benefits from a management team with extensive experience in public administration and infrastructure development. The involvement of the GoK as a significant shareholder enhances the company's credibility and access to state-backed projects. ​

  2. Revenue Diversification and Healthy Order Book: The company has diversified its revenue streams beyond project management consultancy (PMC) to include Engineering, Procurement, and Construction (EPC) contracts, particularly in renewable energy projects. As of FY2022, Inkel reported revenues of ₹92 crore, with contributions from lease premiums (22%), annuity income (28%), solar EPC projects (40%), and centage fees (10%). ​

  3. Significant Financial Growth: In FY2023-24, Inkel reported a turnover of ₹115.10 crore, a 15% increase from the previous financial year. The net profit surged by 114% to ₹30.74 crore, attributed to better resource utilization and project diversification. ​

Weaknesses:

  1. Revenue Volatility: Inkel's project-based business model leads to income fluctuations, as revenue recognition depends on the periodic completion of projects. ​

  2. Low Returns from Joint Ventures: Despite significant investments, Inkel's joint ventures have not yielded substantial returns, impacting the overall return on investments

  3. Subsidiaries' Credit Issues: Certain subsidiaries, such as Seguro Inkel, have faced credit challenges and delays in debt servicing, posing financial risks to the parent company.

  4. Project Implementation Risks: The company's involvement in large-scale projects, including a proposed 14 MW wind power plant with a project cost of ₹98 crore, entails risks related to funding and execution. Timely completion without significant cost overruns remains a critical concern. ​

  5. Moderate Financial Risk Profile: While the company maintains a conservative leverage policy with a debt-to-equity ratio of 0.62 times as of March 31, 2022, coverage indicators are low. The interest coverage ratio (ICR) and debt service coverage ratio (DSCR) stood at 2.19 times and 0.96 times, respectively, in FY2022. Additionally, Inkel has substantial exposure to its subsidiaries through corporate guarantees amounting to ₹285 crore as of March 31, 2022. ​

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