Inkel Limited is a Project Management Consultancy. The Company is in providing total solutions for Infrastructure Projects from super-specialty hospitals and roads to bridges, conservation projects, institutional and industrial buildings, its expertise ensures innovative and cost-efficient solutions, while implementing effective risk management. The commitment extends to delivering projects that are not only environmentally and socially sustainable but also financially viable.
Key Financial takeaways for FY23 compared to FY22 (Consolidated)
- Revenue: The revenue from operations decreased by 10% in FY23, amounting to Rs. 82 crore, compared to Rs. 92 crore in FY22. The total revenue for FY23 was Rs. 101 crore, a decrease from Rs. 103 crore in FY22. The net profit of the Company increased 75% to Rs. 14.43 crore in FY23 vs 8.87 Cr in Fy22.
- Expenses: The Company’s expenses decreased by 5% in FY23, totaling Rs. 82 crore, as opposed to Rs. 87 crore in FY22.
- Profit Before Tax (PBT): The profit before tax increased by 20% in FY23, reaching Rs. 18 crore, compared to Rs. 15 crore in FY22. This indicates improved operational efficiency and cost management.
- Profit After Tax (PAT): The profit after tax increased significantly by 75% in FY23, amounting to Rs. 14 crore, compared to Rs. 8 crore in FY22. This suggests that the Company’s tax burden decreased or that it achieved higher profitability.
- Earnings Per Share (EPS): The earnings per share (basic and diluted) increased to Rs. 0.77 in FY23, up from Rs. 0.24 in FY22. This indicates better earnings available to shareholders for each outstanding share.
- Net Assets and Equity: The net assets of the Company dropped by 5% to Rs. 451 crore in FY23, compared to Rs. 469 crore in FY22. Similarly, the total equity and liabilities of the Company also decreased by 5%, reflecting the overall financial position.
- Net Cash Flow from operating activities: The net cash generated from operating activities significantly decreased to Rs. 10 crore in FY23, down from Rs. 58 crore in FY22 due to high trade receivables. This suggests a potential decline in the Company’s operational cash flow.
- Net Cash Flow from investing and Financial Activities: The net cash used in investing activities increased to Rs. 12 crore in FY23, compared to Rs. 1 crore in FY22.
- Net Cash Flow from financial activities: The net cash used in financial activities increased to Rs. 17 crore in FY23, up from Rs. 32 crore in FY22. 9. Net Cash and Cash Equivalents: The net cash and cash equivalents at the end of FY23 amounted to Rs. 61 crore, a decrease from Rs. 81 crore at the end of FY22. This suggests that the Company had less cash reserves at the end of the year.
Overall, the financial performance indicates that the Company experienced a decrease in revenue and cash flow, but managed to improve profitability with higher profits after tax. However, the decrease in net assets, equity, and cash reserves might raise some concerns about the Company’s financial health and ability to meet its financial obligations in the future.
New Assignment for Inkel Limited Unlisted Share
- Funding Source: The projects have received financial sanction from the funding agency, Kerala Infrastructure Investment Fund Board (KIIFB), amounting to ₹1100 Crores.
- 11 Work Packages: The assignment comprises 11 work packages, focusing on various initiatives related to the Health and Family Welfare Department in Kerala.
- PMKUSUM Ground Mount Project: Inkel Limited is executing a ground-mounted solar project for the Kerala State Electricity Board (KSEBL) under the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PMKUSUM) initiative. The solar plants will be set up in different locations across Kerala.
- PMKUSUM Agriculture Pump Solarisation: As part of the ANERT Scheme, INKEL is implementing a 1MW solarization project for agriculture pumps in the districts of Kasaragod and Alappuzha.
- Hybrid Rooftop Systems in Karnataka: Inkel Limited is installing hybrid rooftop solar systems at various Panchayath Buildings in Karnataka under the Rural Development and Panchayat Raj (RDPR) department’s initiative.
- ANERT Smart City Project in Trivandrum: Inkel Limited is working on a 600Kwp solar power project as part of the ANERT Smart City initiative in Trivandrum.
During FY23, the Company didn’t raise any funds through fresh issue of shares.
Inkel Limited Unlisted Shares
(i) Inkel Limited is a Public-Private Partnership (PPP) initiative promoted by the Government of Kerala. It brings together, the government agencies, non-resident and resident investors and the general public, to create a platform for the development of public infrastructure.
(ii) The primary objective of Inkel Limited is to channelize and public and private capital and professional expertise for infrastructure development.
(iii) Inkel Limited offers services ranging from concept development to the completion and handing over of projects in the following sectors.
a) Health Care
The Company was conferred with the status of a Special Purpose Vehicle by the Government of Kerala for the execution of major health care projects under its ‘Healthcare to the Poor’ mission. These include Cochin Cancer Hospital and Research Centre; Ernakulam Medical College; Thiruvananthapuram Medical College; Wynad Medical College; General Hospitals at Ernakulam, Punalur, Chirayinkeezhu, Kottayam and much more aggregating to project value of nearly Rs.3000 Crores.
The Company is entitled to a specified percentage of the project cost for implementing the projects and successful completion of these projects would take the Company to the unique position of the implementing agency of the largest healthcare projects in Kerala.|
b) Other GoK Assignments
The government of Kerala has also appointed the Company as either as an SPV or awarded the assignments on deposit work basis for jobs aggregating to approximately Rs.400 Crores. These include KINFRA Defence Park, Kerala State Coir Corporation, ETP Chandiroor, KINFRA Mega Food Park, Musiris Heritage Project, KSIDC Life Science Park, Alappuzha Mobility Hub, and Alappuzha Heritage project.
c) Solar Energy
The Company registered major success in the Solar Energy business with a turnover of Rs. 20 Crores in FY18 taking the company as one of the major companies in the renewable energy segment.
d) Road Projects
The Company in a joint venture with M/s. EKK Infrastructure Limited completed its first PPP Road project with a value of Rs.161.48 Crores, in May 2018, five months ahead of the scheduled completion date. The Concession Period of the Project is 15 years with 2 years for Construction and 13 years for Maintenance.
e) INKEL Business Park IBP Angamaly
Company’s two Towers at the IBP have attracted entrepreneurs and investments from different segments of the Industry. The total space constructed at this park is 4.25 lac square feet. While Tower I is fully occupied, one floor of Tower II is vacant and it is quite likely that this space also would be leased in the next two to three months. In the wake of this success, over the next couple of years, 4 more Towers are being planned at the Business Park. The work on the first tower would start in two months.
Inkel Limited Unlisted Shares Details:
| Total Available Shares: | 1000 |
| Face Value: | ₹ 10 Per Equity Share |
| ISIN: | INE308U01017 |
| Lot Size: | 1000 Shares |
| Current Unlisted Share Price: | ₹ 13.5355 Per Equity Share |
Promoters And Management:
(i) Shri C K Menon, Chairman & MD, Behzad Group.
(ii) Shri Varghese Kurian, Managing Director, ALNAMAL Group
Shareholding Pattern:
Shareholding pattern as on 31.03.2022
| Name of shareholders | No. of shares | held Percentage |
|---|---|---|
| Govt. of Kerala | 4,05,00,000 | 22.78 |
| Bismi Holdings | 1,10,00,000 | 6.19 |
| Yusuffali M A | 3,02,60,018 | 17.02 |
| Varghese Kurian | 1,34,94,697 | 7.59 |
| Dr. Mohammed Ali | 1,05,00,000 | 5.91 |
| Others | 1,60,20,795 | 9.01 |
Financials of Inkel Limited Unlisted Shares:
Financials of Inkel Limited (Fig. in Lakhs) Revenue, PAT and EPS Analysis
| Year | Revenue | EBITDA | OPM | PAT | NPM | Shares | F.V. | EPS |
|---|---|---|---|---|---|---|---|---|
| 2016 | 5,851 | 2,107 | 36% | 314 | 5% | 1,630 | 10 | 0.19 |
| 2017 | 4,458 | 780 | 18% | -214 | -5% | 1,630 | 10 | -0.13 |
| 2018 | 19,609 | 3,616 | 18% | 1,938 | 10% | 1,630 | 10 | 1.19 |
| 2019 | 11,173 | 1,767 | 16% | -1,124 | -10% | 1,778 | 10 | -0.63 |
| 2020 | 7,730 | 2,809 | 36% | -246 | -3% | 1,778 | 10 | -0.11 |
| 2021 | 12,548 | 5,611 | 45% | 3,032 | 24% | 1,778 | 10 | 1.36 |
| 2022 | 10301 | 2130 | 22% | 803 | 7.80% | 1778 | 10 | 0.45 |
| 2023 | 10098 | 1,516 | 18.36% | 1,443 | 17.47% | 1,778 | 10 | 0.81 |
Debt, Net-worth, ROE and ROCE Analysis
| Year | Long-Term Debt | Short-Term Debt | Total Debt | NW | Debt/NW | RoNW |
|---|---|---|---|---|---|---|
| 2016 | 300 | 938 | 1238 | 17,426 | 0.07 | 2% |
| 2017 | 3,291 | 563 | 3854 | 17,996 | 0.21 | -1% |
| 2018 | 9,806 | 4,633 | 14440 | 20,501 | 0.70 | 9% |
| 2019 | 13,387 | 6,407 | 19795 | 20,883 | 0.95 | -5% |
| 2020 | 18,518 | 7,157 | 25675 | 18,568 | 1.38 | -1% |
| 2021 | 13,791 | 3,248 | 17039 | 20,835 | 0.82 | 15% |
| 2022 | 13601 | 1295 | 14896 | 21254 | 0.70 | 3.78% |
| 2023 | 12,269 | 714 | 12,983 | 20,500 | 0.6 | 7.04% |
Free cash flow Analysis
| Year | CA | CL | Current Ratio | Debtor days | CFO | Capital Exp. | FCF |
|---|---|---|---|---|---|---|---|
| 2016 | 7,080 | 3,670 | 1.93 | 265 | 1,491 | 3,080 | -1,589 |
| 2017 | 7,649 | 3,734 | 2.05 | 194 | 2,727 | 3,801 | -1,073 |
| 2018 | 13,774 | 11,525 | 1.20 | 78 | -3,796 | 1,077 | -4,873 |
| 2019 | 18,359 | 13,303 | 1.38 | 246 | -4,628 | 203 | -4,832 |
| 2020 | 21,444 | 12,295 | 1.74 | 298 | 19 | 1,129 | -1,110 |
| 2021 | 18,234 | 10,757 | 1.70 | 288 | -129 | 29 | -158 |
| 2022 | 18067 | 9000 | 2 | 300 | 5833 | 132 | 5701 |
| 2023 | 18,199 | 9,398 | 2 | 443 | 981 | 496 | 485 |
Annual Reports
Inkel Limited Annual Report 2022-23
Inkel Limited Annual Report 2021-22
Inkel Limited Annual Report 2020-21
Inkel Limited Annual Report 2019-20
Company Address:
CIN : U45209KL2007PLC020471
Registered Office: 2nd Floor,
Ajiyal Complex, Post Office Road,
Kakkanad, Kochi – 682030
Source: UnlistedZone
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