The Company's sharp focus on the single segment of buildings, with an emphasis on technology, a robust asset base and the promoters' rich experience in the EPC space have enabled it to scale up quickly in the building space and become a well-respected player. Capacit'e has been rapidly emerging as a marquee contractor in the building space with good repute. Today, it is working with almost all major real estate developers in the country. Our solid order book, expansion plans, and efficiency demonstrate that we will continue to strengthen our market position."Ĭapacit'e Infraprojects Limited (Capacit'e/the Company) has etched a name for itself as a quality contractor in the buildings space. Capacit'e Infraprojects' leading position in the EPC sector is reflected in the positive ratings. Our focus now is strengthening the rating further in near future.
#BBB DRIVER DEVELOPMENT UPGRADE#
The upgrade to 'BBB' revalidates our financial positioning and focus on balance sheet growth. Rohit Katyal, Executive Director and CFO, Capacit'e Infraprojects, said, "We are delighted with the rating development which has happened in short span of time. This would remain a key rating monitorable for the agency.Ĭommenting on the upgrade, Mr. Although Ind-Ra draws comfort from the project-specific funding tie-ups being in place, any delays/issues in the execution of these projects could hamper CIL's revenue pickup and liquidity. CIDCO and MHADA projects contribute around 65.5% to the overall order book. Also, the top 10 projects of the company comprise around 93% of the total order book. However, the order book is highly concentrated in the MMR area, given that the region accounts for 92% of the total orders. Strong Revenue Visibility, but Highly Concentrated Order Book: At end-September 2021, CIL had an unexecuted order book of INR130 billion, providing strong revenue visibility of 8.56x of FY20 revenues (including the MHADA project), with public sector orders comprising 73.1% of the order book. The DSR is nearly equivalent to two months of term loan repayment obligations, providing an average monthly cover of 1.88x over 12 months ending October 2022. CIL is now engaged in key projects which are of importance to the respective government such as CIDCO, MHADA project and some public sector hospital projects.ĭSR Offers Second Line of Comfort : CIL created a DSR of INR73.5 million in October 2021 in the form of fixed deposits. Since its inception, the company has evolved from constructing primarily residential real estate projects to commercial projects and has gradually forayed into hybrid projects for both government and private sector clients. Strong Execution Capabilities: CIL has successfully executed complex and large residential and real estate engineering, procurement and construction projects, backed by increased order inflows (FY16-FY20: revenue CAGR 15.7%). Ind-Ra estimates CIL to register a revenue of INR14 billion-15 billion with EBITDA margins in the range of 16%-17% in FY22. The execution pace further picked up in 2QFY22 and CIL clocked close to INR3.4 billion in revenues with EBITDA margins improving to 17.8%. Improved Operational Performance in 1HFY22: Despite the second wave, the company was able to register revenue of INR2.8 billion in 1QFY22 (1QFY21: INR0.2 billion) with EBITDA margin of 14.1%.
#BBB DRIVER DEVELOPMENT DRIVERS#
29, 2021 /PRNewswire/ - Capacit'e Infraprojects Limited (CIL), a fast-growing construction company providing end-to-end services for residential, commercial and Institutional building with presence in Mumbai Metropolitan Region (MMR), Pune, Chennai, National Capital Region (NCR), Varanasi, Kochi, Hyderabad and Bengaluru, announced that India Ratings and Research (Ind-Ra) has upgraded their Long-Term Issuer Rating to 'IND BBB' from 'IND D' and the outlook is Stable.Īs per the rating agency the key rating drivers were: PTI takes no editorial responsibility for the same.)
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