That formula is correct for a balanced three phase circuit, were:
IL = Line current
VL = Line to line voltage
PF = Power factor
1.732= SQRT(3)
SQRT(3) factor is due to the vectorial relationship of the phase voltage Vph to the line to line voltage Vll ( imagine an equilateral triangle with 120° , 30°, 30° angles , the side opposite to 120° is the Vll and the other two equal sides are phase voltages Vph). Combine that with the total power produced by the three phases.
Vph = ½*Vll/cos(30°)
The power per phase is ; VAph = IL*1/2*Vll/cos(30°)
The total power in the system is tree times due to the number of phases (3 phases)
VAtotal = 3*[(1/2*Vll)/cos(30°)]*IL = 1.732*Vll*IL ; kVAtotal = VAtotal/1000
since PF = kW/kVA
kW = PF*kVA= 1.732*Vll*IL*PF/1000