In today’s briefing:
- Insolation Energy Ltd- Forensic Analysis
- Kolte Patil: On Track as Per FY25 Guidance
- RPPL: Strong Q2 Led by Volume Growth and Margin Normalization
Insolation Energy Ltd- Forensic Analysis
- Insolation Energy (INA IN), originated from Jaipur, Rajasthan has been a beneficiary of the heavy solar tailwinds in the last two years and has been involved in major capex phase.
- The company has received big contracts such as the MoU with government to the tune of INR 100 bn in spite of having net worth of only INR 1.1 bn.
- As far as forensics is concerned, we notice several irregularities such as low capitalisations, misclassification of OCF, EPS, naïve accounting of investments, forex movements, strange movements in margins, etc.
Kolte Patil: On Track as Per FY25 Guidance
- Kolte Patil reported a decent Q2FY25 with highest ever quarterly pre-sales of INR 770cr, a growth of 22% YoY. Pre-sales volume corresponding to this was 1.03 MSF (Million Square Feet).
- Notably, demand for premium projects has been strong. For H1FY25, 30% of pre-sales has come from 24K luxury segment. This compares to 12% in FY22.
- Year-To-Date, new launch activity has been decent with the launch of 2.2 MSF of saleable area. This includes Kolte Patil’s entry in Navi Mumbai with a project launch in Vashi.
RPPL: Strong Q2 Led by Volume Growth and Margin Normalization
- Q2FY25 performance was strong led by volume growth and margin improvement. Q2FY25 revenue grew 31% YoY and 12%+ QoQ. Volumes grew 24.6% YoY (9.5% QoQ) led by strong demand environment.
- Margins have now normalized as raw material prices have stabilized. EBITDA margin improved to 14.9% vs 14.7% QoQ and 13.5% YoY. PAT margin grew to 5.8% vs 3.2% YoY.
- RPPL’s value-added segments like barrier packaging and injection molding are growing rapidly. Exports are also steady at INR 10cr+ per quarter and have a strong order pipeline.
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