Walchand Peoplefirst Limited Reports Strong Financial Performance for Q3 FY23
Walchand Peoplefirst Limited (WPL), a leading EPC and Project Management company in India, today announced its consolidated financial results for the third quarter and nine months ended December 31, 2022.
The Company reported a robust performance during the quarter, with revenue from operations increasing by 25% to Rs. 662.11 crores as compared to Rs. 529.48 crores in the corresponding quarter of the previous year.
The Company's EBITDA for the quarter stood at Rs. 57.33 crores, up by 22% as compared to Rs. 46.98 crores in Q3 FY22. The EBITDA margin for the quarter improved to 8.66% from 8.89% in Q3 FY22.
The Company's net profit for the quarter increased by 18% to Rs. 34.97 crores as compared to Rs. 29.61 crores in Q3 FY22. The net profit margin for the quarter improved to 5.28% from 5.61% in Q3 FY22.
For the nine months ended December 31, 2022, the Company's revenue from operations increased by 23% to Rs. 1,884.67 crores as compared to Rs. 1,526.33 crores in the corresponding period of the previous year.
The Company's EBITDA for the nine months stood at Rs. 161.09 crores, up by 17% as compared to Rs. 136.85 crores in the nine months ended December 31, 2021. The EBITDA margin for the nine months improved to 8.55% from 8.97% in the nine months ended December 31, 2021.
The Company's net profit for the nine months increased by 15% to Rs. 99.58 crores as compared to Rs. 86.42 crores in the nine months ended December 31, 2021. The net profit margin for the nine months improved to 5.28% from 5.66% in the nine months ended December 31, 2021.
Commenting on the Company's performance, Mr. K. Ravi, Managing Director of Walchand Peoplefirst Limited, said, "We are pleased to report another quarter of strong financial performance, driven by our continued focus on operational efficiency and project execution. Our revenue and profitability have grown consistently over the past few quarters, and we are confident that we are well-positioned to continue this growth momentum in the future."
"Our order book remains strong, and we are actively pursuing new opportunities in both domestic and international markets. We are also investing in new technologies and capabilities to further enhance our service offerings and meet the evolving needs of our clients."
"We are grateful to our employees, customers, and partners for their continued support. We remain committed to delivering value to all our stakeholders and contributing to the nation's infrastructure development," added Mr. Ravi.
Walchand Peoplefirst Limited Obtains Environmental Clearance for 2x660 MW Thermal Power Plant in Chhattisgarh
Walchand Peoplefirst Limited (WPL), a leading EPC and Project Management company in India, has received Environmental Clearance from the Ministry of Environment, Forests and Climate Change (MoEFCC) for the proposed 2x660 MW Thermal Power Plant at Pathadih in the state of Chhattisgarh.
The project involves the setting up of a coal-fired thermal power plant with a total capacity of 1,320 MW. The project will be developed in two phases, with each phase comprising of a 660 MW unit.
The project site is located in the Pathadih village of Raigarh district in Chhattisgarh. The total land requirement for the project is approximately 1,000 acres.
The project is expected to be completed in a period of 48 months from the date of financial closure.
Commenting on the development, Mr. K. Ravi, Managing Director of Walchand Peoplefirst Limited, said, "We are pleased to have received the Environmental Clearance for our proposed 2x660 MW Thermal Power Plant in Chhattisgarh. This is a significant milestone for the project and we are now in a position to move forward with the next steps of development."
"We are committed to developing this project in a sustainable manner and will take all necessary measures to minimize the environmental impact. We are confident that this project will make a significant contribution to the power generation capacity of the country and will help meet the growing demand for electricity in the region," added Mr. Ravi.
