Krystal Integrated Services Limited IPO

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As one of India’s foremost integrated facilities management services companies, the operations span across vital sectors including healthcare, education, public administration (encompassing state government entities, municipal bodies, and other government offices), airports, railways, metro infrastructure, and retail. Their distinguished position in the market, as of March 31, 2023, is reinforced by their wide geographic presence and diverse customer base, making them a preferred choice for almost all end-user segments.

Diverse Service Offerings

Their service portfolio is extensive, featuring both soft and hard facility management services. Soft services encompass housekeeping, sanitation, landscaping, gardening, while hard services include mechanical, electrical, and plumbing services. Beyond these, they manage solid, liquid, and biomedical waste, offer pest control, façade cleaning, and extend specialized services such as production support, warehouse management, and comprehensive airport management (including multi-level parking and airport traffic management). Their value-added services also cover staffing solutions, payroll management, private security, manned guarding, and catering services, showcasing their commitment to meeting the multifaceted needs of their clients.

Strategic Market Strengths

Their market strengths lie in delivering custom solutions tailored to integrated facility management needs, leveraging their long-term relationships with OEMs to source best-in-class products at competitive prices, and embracing smart technology for enhanced service delivery. their expertise has positioned them as a pivotal solutions provider, particularly to the government sector where they have successfully executed substantial contracts. This has placed them among the select companies in India capable of servicing large, multi-location government projects with proficiency.

Government Sector Contributions

Their engagement with the government sector significantly contributes to their revenue, with government contracts forming a considerable portion of their revenue from operations across Fiscals 2021, 2022, 2023, and the six months ended September 30, 2023. Serving esteemed government clients in healthcare, education, airports, railways, and metro infrastructure sectors underscores their capability and trustworthiness. Notable clients include Maha Mumbai Metro Operation Corporation Limited and the Education Department of Brihanmumbai Municipal Corporation.

Sector-specific Expertise

Their specialization in healthcare, education, airport, railways, and metro infrastructure sectors is built on extensive experience and a deep understanding of the unique demands and challenges within these fields. As of September 30, 2023, our services extend to 135 hospitals and medical colleges, 228 schools and colleges, one airport, four railway stations, and 30 metro stations. Additionally, their catering services enhance the travel experience on certain trains/train routes.

This business overview reflects their status as a leader in integrated facilities management services in India, characterized by their broad service spectrum, strategic market strengths, significant contributions to the government sector, and specialized sector-specific expertise. Their commitment to excellence, combined with their ability to adapt and innovate, ensures they remain at the forefront of the industry, ready to meet the evolving needs of their diverse clientele.

Objects of the Krystal Integrated Services Limited IPO:

The company proposes to utilize the Net Proceeds from the Fresh Issue towards funding the following objects: i. Repayment/prepayment, in full or part, of certain borrowings availed of by the Company; ii. Funding working capital requirements of the Company; iii. Funding capital expenditure for the purchase of new machinery; and iv. General corporate purposes
DRHP of Krystal Integrated Services Limited IPO
RHP of Krystal Integrated Services Limited IPO

Krystal Integrated Services Limited IPO Details:

Open Date: Mar 14 2024
Close Date: Mar 18 2024
Total Shares: 4,197,552
Face Value: ₹ 10 Per Equity Share
Issue Type: Fixed Issue
Issue Size: 300 Cr.
Lot Size: 20 Shares
Issue Price: ₹ 680-715 Per Equity Share
Listing At: NSE,BSE
Listing Date: Mar 21 2024

Promoters And Management:

Neeta Prasad Lad is the Chairperson and Managing Director of the Company. She obtained her executive master’s degree in business administration with specialization in finance management from the Indian School of Business Management and Administration. She has been associated with the Company as a Director since April 1, 2006. She is responsible for overseeing the business management functions, welfare planning and implementation of the workforce in the Company. Pravin Ramesh Lad is a Whole-time Director of the Company. He obtained his bachelor’s degree in management studies with a specialization in human resource management from the Indian School of Business Management and Administration and his executive master’s degree in business with a specialization in operation management from the Indian School of Business Management and Administration. He has been associated with the Company as a Director since October 15, 2009. He is responsible for managing the government and special projects business and operations in the Company. Sanjay Suryakant Dighe is the Chief Executive Officer and Whole-time Director of the Company. He obtained a degree in mechanical engineering from Abhinava Abhiyantriki Mahavidyalaya, Pune. He was previously associated with Birla Sun Life Insurance Company Limited. He has been associated with the Company as a Director since December 8, 2010. He is involved in the core business management activities of the Company and focuses on the long-term growth and strategy planning in the Company.

Financials of Krystal Integrated Services Limited IPO:

A. Balance Sheet
Particular (In Million) Mar-21 Mar-22 Mar-23
Equity Share Capital 57.62 57.62 57.62
Reserves 1,303 1,581 1,577
Borrowings 653 726 480
Trade Payables 379 515 158
Other Liabilities 991 1,165 1,162
Total Liabilities 2,024 2,405 1,801
Net Block 98 95 782
Capital Work in Progress 600 600 0
Investments 15 19 29
Other Assets 223 442 568
Total NC Assets 936 1,156 1,379
Receivables 2,002 2,412 1,496
Inventory 22 59 6
Cash & Bank 233 234 192
Other Assets 191 184 361
Face value 10 10 10
B. Profit & Loss Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Sales 4,713 5,527 7,076
Raw Material Cost 202 242 323
Employee Cost 3,999 4,713 5,919
Other Expenses 311 191 336
Other Income 30 22 33
Depreciation 47 43 47
EBITDA 232 402 532
EBITDA Margin 4.92% 7.27% 7.51%
Interest 91 88 95
Profit before tax 94 271 390
Tax -3 63 52
Net profit 97 208 338
NPM (%) 2.04% 3.76% 4.75%
C. Cash Flow Statement
Particular (In Million) Mar-21 Mar-22 Mar-23
Cash From Operating Activity
Profit From Operation 429 461 547
Receivable -296 -416 369
Inventory -1 -36 -12
Payable -36 315 -122
Other WC Items 59 -33 -45
Working Capital Changes -274 -171 189
Direct Taxes -76 -90 -19
Net Cash Inflow from Operating Activity 80 200 718
Cash from Investing Activity
Fixed assets purchased 0 -104 -36
Fixed assets sold 45 0 0
Investments purchased -4 -4 -10
Other investing items 135 -72 -273
Net cash inflow from investing activities 176 -179 -320
Cash from Financing Activity
Proceeds from borrowings 0 72 0
Repayment of borrowings -164 0 -200
Intrest paid fin -88 -85 -92
Other financing items -16 -18 -17
Net Cash Flow -12 -10 89

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Krystal Integrated Services Limited 708 34 24.17 29.6 715 999
Quess Corp Limited 17,158 223 15.14 32.6 510 7,587
SIS Limited 11,346 346 23.77 22.4 452 6,607
Updater Services Limited 2,099 35 N/A 44.6 345 2,312
* All the data is as per FY23.

Recommendation on Krystal Integrated Services Limited IPO:


                                        

                                    

                                                                
                                
                                                                 

                                    

                                                                                    

                                                
Lead Manager of Krystal Integrated Services Limited IPO:

                                            
 
    
                                                                                                        
  1. INGA Capital Private Limited
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Registrar of Krystal Integrated Services Limited IPO:

                                            
 
    
                                                                                                        
  1. Link Intime India Private Limited
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Company Address: 

                                            
Krystal Integrated Services Limited
Krystal House 15A 17
Shivaji Fort CHS, Duncans Causeway
Road, Mumbai –400022,
Phone: +912247471234
Email: company.secretary@krystal-group.com
Website: https://krystal-group.com/
                                        

                                    

                                                              
                                                                   

                                        

                                            
                                        

                                    

                                                                 
                                                            

							
                            

                                

                                    

                                                                            

                                

                            

                            
							
                            

                            

                            

                                

                                    

                                        

                                    

                                

                            

                            
                            

                                

                                
Discussion on Krystal Integrated Services Limited IPO:

                                           
                                    

                                        

                                            



	
	
		

		
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