Krystal Integrated Services IPO

Krystal Integrated Services Limited

₹13,600 /20 sharesMinimum Investment

Krystal Integrated Services IPO Listing Details

Listed OnIssue PriceListing PriceListing Gains
BSE & NSE₹715.00₹785.00₹70.00 (9.79%)

Krystal Integrated Services IPO Details

Bidding DatesMin. InvestmentLot SizePrice Range
14 Mar ‘24 - 18 Mar ‘24₹13,60020₹680 - ₹715
Issue SizeIPO Doc
300.13Cr
RHP PDF

Subscription Status As on Invalid Date

  • Qualified Institutional Buyers
    7.33x
  • Non-Institutional Investor
    43.90x
  • Retail Individual Investor
    3.31x
  • Total
    13.21x

About Krystal Integrated Services

Krystal Integrated Services Limited is a facilities management services provider, offering services to sectors like healthcare, education, public administration (state government entities, municipal bodies, and other government offices), airports, railways, metro infrastructure, and retail. As part of its facility management services and operating on a B2B model, the company offers soft services like housekeeping, sanitation, landscaping, and gardening, along with hard services such as mechanical, electrical, and plumbing services. The company provides solid, liquid, and biomedical waste management, pest control, façade cleaning, and other services like production support, warehouse management, and airport management (including multi-level parking and airport traffic management). Furthermore, the company also offers staffing solutions, payroll management, private security, manned guarding services, and catering services to its clients. As of September 30, 2023, the company extended its services to 135 hospitals and medical colleges, 228 schools and colleges (excluding medical colleges), one airport, four railway stations, and 30 metro stations. Additionally, catering services were provided on specific trains and train routes, totalling 198 services.;
Parent Organisation
Krystal Integrated Services Limited
Founded
2000
Managing Director
Mrs. Neeta Prasad Lad

Strengths & Risks

  • As per the company, in Fiscals 2021, 2022, and 2023, as well as the six months ended September 30, 2023, it served 262, 277, 326, and 309 customers, respectively. Over the same periods, the number of customer locations serviced by the company grew from 1,962 as of March 31, 2021, to 2,240 as of March 31, 2022, to 2,427 as of March 31, 2023, and 2,160 as of September 30, 2023. Additionally, during Fiscals 2021, 2022, and 2023, as well as the six months ended September 30, 2023, the company onboarded 76, 70, 89, and 57 new customers, respectively.
  • For Fiscals 2021, 2022, and 2023, as well as the six months ended September 30, 2023, the company's revenue from government contracts totalled Rs. 327.11 cr, Rs. 405.08 cr, ₹5,212.75 million, and Rs. 344.43 cr, respectively. These figures represent 69.41%, 73.30%, 73.66%, and 76.27% of the company's revenue from operations during the respective periods.
  • As of September 30, 2023, the company claims to have provided services to 2,160 customer locations across 16 states and two union territories in India.
  • The company reported revenue from operations of Rs. 471.29 cr, Rs. 552.67 cr and Rs. 707.64 cr in FY 2021, 2022 and 2023 respectively. For the same time periods, it reported Profit after Tax of Rs. 16.82 cr, Rs. 26.27 cr and Rs. 38.44 cr.
  • As of September 30, 2023, the company has obtained various quality certifications for its management systems, including ISO 9001:2015 (quality management system), ISO 14001:2015 (environmental management system), ISO 45001:2018 (occupational health and safety management system), and ISO/IEC 27001:2013 (information security management system).
  • The company is significantly dependent on a limited number of customers for its revenue from operations. Its top five, top 10, and top 20 customers contributed to 34.91%, 59.19%, 72.58%, and 85.86%, respectively, of the revenue for Fiscal 2023.
  • A substantial portion of the company's revenue is derived from government contracts secured through a competitive bidding process, constituting 73.66% of the total revenue from operations for Fiscal 2023. Additionally, a significant portion of its revenue from operations is derived from its services offered to customer locations in Maharashtra and Tamil Nadu.
  • As of January 31, 2024, the company employed 40,100 on-site personnel across 2,160 customer locations directly on its rolls. With a substantial workforce deployed at various workplaces and customer premises, the company faces potential exposure to service-related claims, losses, employee disruptions, and regulatory risks, which could adversely impact its reputation, business, cash flows, results of operations, and financial condition.
  • The company, along with its promoters, subsidiaries, and directors, is currently involved in unresolved legal proceedings. An unfavorable outcome in these proceedings may lead to liabilities, penalties, and could negatively impact the company's business, results of operations, cash flows, and reputation.
  • The company's business is at risk if customer contracts are not renewed or new acquisitions fail. With typically short-term contracts, the company needs to consistently seek new opportunities, cross-sell services, and acquire new customers for expansion, but there's no assurance of customers availing additional services or expanding relationships.
  • Employee benefit expenses, covering workers' compensation, staff welfare, and provident fund contributions, constitute the largest component of the company's total expenses. These expenses amounted to Rs. 361.85 cr, Rs. 591.90 cr, Rs. 471.33 cr, and Rs. 399.85 cr, representing 84.12%, 88.09%, 89.31%, and 86.01% of total expenses for the six months ended September 30, 2023, and Fiscals 2023, 2022, and 2021, respectively.

Financials

*All values are in Rs. Cr
No Graph Data To Display

Application details

Apply asPrice bandApply upto
Regular680 - 715₹2 Lakh
High Networth Individual680 - 715₹2 - 5 Lakh
For Krystal Integrated Services IPO, eligible investors can apply as Regular.
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