V
Vishnu Prakash R Punglia Ltd
NSE:VPRPL
Vishnu Prakash R Punglia Ltd
NSE:VPRPL
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Earnings Call Transcript
Transcript
Other Earnings Calls
Ladies and gentlemen, good day, and welcome to the VPRP Limited Q4 and FY '25 Earnings Conference Call. [Operator Instructions] I now hand the conference over to Ms. Pavanki Jain from Valorem Advisors. Thank you, and over to you, ma'am.
Good evening, everyone, and a warm welcome to you all. My name is Pavanki Jain from Valorem Advisors. We represent the Investor Relations of Vishnu Prakash R Punglia Limited.
On behalf of the company, I'd like to thank you all for participating in the company's earnings call for the fourth quarter and full financial year ended 2025.
Before we begin, let me mention a short cautionary statement. Some of the statements made in today's earnings call may be forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from than anticipated. Such statements are based on management's beliefs as well as assumptions made by and information currently available to the management.
Audiences are cautioned not to place any undue reliance on these forward-looking statements in making any investment decisions.
The purpose of today's earnings call is purely to educate and bring awareness of the company's fundamental business and financial quarter under review.
Now let me introduce you to the management participating with us in today's earnings call and hand it over to them for their opening remarks. We have with us Mr. Manohar Lal Punglia, Managing Director; Mr. Jayant Punglia, Project Coordinator; and Mr. Sarfaraz Ahmed, Chief Financial Officer.
Without any delay, I hand it over to Mr. Manohar Lal Punglia. Thank you, and over to you, sir.
Thank you, ma'am. [Foreign Language]
Thank you, sir. Good evening, everyone. Starting with the fourth quarter of financial year '25, our revenue from operations stood at INR 405 crores, which decreased by around 38% year-on-year basis. The EBITDA was reported at around INR 46 crores, which decreased by around 57% year-on-year basis with the EBITDA margin reported at 11.26%.
Net profit for the quarter stood at around INR 16 crores, which has declined by 76% on a yearly basis.
PAT margin for the quarter stood at 4%.
Now coming to the financial highlights for the full year. Our revenue from operations stands at INR 1,237 crores, which decreased by around 16% year-on-year. EBITDA was around INR 155 crores, representing a year-on-year decline around 26% with EBITDA margin at 12.56%.
Net profit for the whole year was approximately INR 59 crores, reflecting 52% decline year-on-year basis. The PAT margin stood at 4.74%.
The key factor behind the revenue decline over the year was the persistent delay in payment realization, which affected execution time line and overall billing.
On the profitability front, the impact came from higher finance costs and increased provisioning taken during the year to account for working capital pressure and associated risk.
Despite these temporary setbacks, we remain confident in the long-term fundamentals of the business with the government having stranded several infrastructure projects and budget allocation. Now flowing through, we expect a significant improvement in acquisition in the main quarters.
Now I will request Mr. Jayant Punglia to provide the operational highlights for the quarter under review.
Thank you, sir. Good evening, everyone. The company has successfully secured new orders worth INR 1,851 crores during the current financial year of railway, water supply, civil works and other sectors, reflecting strong business growth and sustained market confidence.
As on 31st March 2025, our total order book stands at approximately INR 5,362 crores, providing strong revenue visibility for the coming years.
Internally, we remain committed to operational efficiency, backward integration and maintaining cost discipline. We continued to invest in stability such as in-house manufacturing testing labs and maintenance infrastructure to support project delivery and margin strategy.
On the growth front, we see significant headroom ahead. Our bidding pipeline remains robust with potential orders worth INR 4,500 crores expected to be finalized in the coming months. We remain active in pursuing opportunities across our core verticals to sustain a healthy and growing order book, thereby ensuring long-term business continuity and stability.
To conclude, we are optimistic about the year ahead. Despite sectoral headwinds, we are confident in our ability to deliver on growth, execute efficiently and create long-term value for all stakeholders.
With this, we can now open the floor for question-and-answer session.
[Operator Instructions] The first question is from the line of Rajesh Bandari from [ Nakoda Engineers ].
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Sir, from next 2 to 3 years perspective [Foreign Language]
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The next question is from the line of [ Sahil Pattani from Strokes Capital ].
So 2 questions. One is I want to understand in the opening remarks, it was said that the execution will be improving in the next few quarters. So just if you can elaborate what gives you that sense of confidence that the execution is going to improve? Are we seeing the receivables will be lower going forward? Or just want to get a sense of why we think that.
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[Foreign Language] the money was not coming in so [Foreign Language] do you think it is still lagging behind and or could [Foreign Language] for that to normalize?
[Foreign Language] we are like working in 11 states, right? [Foreign Language]
[Foreign Language] So is there any order book [Foreign Language] that will be significant for this year, whether JLG, whether it's railways, is there anything significant that you're expecting over the next few months?
We can't comment on that. [Foreign Language]
The next question is from the line of [ Krisheth Shah ] from [ B Fly India ].
Yes. My most of the questions are already answered. So I just want to know so what are your future guidance like in terms of revenue and margin?
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The next question is from the line of [ Venkat ], an individual investor.
In your PPT, you mentioned now that there are INR 4,500 crores order book is in the pipeline. So my question is order book -- order bid value, is it expected to win, that INR 4,500 crores?
It is the bidding value, sir.
It's the bidding value. So obviously, what's the winning percentage, sir? Out of INR 4,500 maybe? Pardon, sir?
15%. 15% ratio.
15 % to 16%. Okay. Sir, what is the -- so in the FY '26, what is the operating margins we can expect, sir, next year 2026?
It will be better than FY '25, sir, and we will try to maintain the last historical percentage of our margin ratio. This is a specific year where there are payments are expected from long time...
Okay. So my question, so whatever the payments are last, last year, it may reflect in the next year, sir, next coming quarters?
We are expecting major payments will be realized in this coming -- up to second or third quarter.
So in the second and third quarter, you may expect whatever the payments we got delayed last financial year here that we are going to get it in the next second or third quarter, right? Is that what you are telling?
Yes. Yes, sir.
So next year, now what will be the; revenue, sir? Maybe we can expect for a full whole year because out of INR 5,300 crores, we have an existing order book, right, INR 5,300 crores?
There is a visibility of 2 to 3 years as per our order book. It will be better than FY '25.
Okay. So at least we can expect revenue around more than INR 1,500 crores, sir, next year, around 10%, 15% compared to...
I cannot comment on figures, sir.
We're just giving numbers.
I cannot comment on figures. I cannot assure the figures. But I can we are confident that it will be better.
Better around that precedent year. At least 10% growth we can expect it, sir, revenue growth minimum.
Yes. Minimum 10% to 15% we are expecting.
The next question is from the line of [ Lokesh Kashikar ] from SMIFS Limited.
Yes. Yes. Sir, out of total receivable of around INR 734 crores, INR 735 crores, how much is basically purchased to [indiscernible]?
How much is [indiscernible]
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So this INR 735 crores, let's say, [Foreign Language] 70% to 75% pertains to [indiscernible]?
Yes, sir. [Foreign Language]
Okay, okay, okay. [Foreign Language] INR 735 crores. So what is, say, from the, let's say, Rajasthan government or from other government [Foreign Language]
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[Foreign Language] So it is looking like very promising around INR 70 crore, INR 75 crores [Foreign Language] Hello?
Ladies and gentlemen, please stay connected. The line for the management has been disconnected. Please hold while we reconnect them. Thank you.
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Ladies and gentlemen, the line for the management has been reconnected.
So I was saying [Foreign Language]
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[Operator Instructions] The next question is from the line of Rajesh Bandari from [ Nakoda Engineers ].
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Approx 70% to 75% [Foreign Language]
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Normal, normal.
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[Operator Instructions] As there are no further questions from the participants, I now hand the conference over to the management for closing comments.
Thank you all for participating in this earnings con call. I hope we have been able to answer your questions satisfactorily. If you have any further questions, I would like to know more about the company, please reach out to our IR manager at Valorem Advisors. Thank you.
Thank you.
Thank you. On behalf of VPRP Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines. Thank you.