Jammu and Kashmir News Report
Buisness

In the March quarter, Kalpataru's net profit rose by about 22% to Rs 140 crore

On Monday, Kalpataru Power Transmission announced a roughly 22% increase in its consolidated net profit for the three months ending in March 2023, to Rs 140 crore.

According to a BSE filing, it had declared a net profit of Rs 115 crore for the same period last year.

From Rs 4,169 crore a year earlier, the overall revenue increased to Rs 4,896 crore in the quarter.

Its consolidated net profit for the whole fiscal year 2022–23 fell to Rs 435 crore from Rs 535 crore the year before.

The overall revenue for the reviewed fiscal year increased to Rs 16,401 crore from Rs 14,866 crore.

The board further proposed, subject to shareholder approval at the succeeding annual general meeting (AGM), a final dividend of Rs. 7 per equity share with a face value of Rs. 2 each that is fully paid up (i.e., 350%) for the fiscal year ending March 31, 2023.

The date of the AGM for 2022–2023 and the date from which dividends will be paid or demand drafts/warrants thereof will be sent to shareholders shall both be announced by the firm in due course.

The proposal for the firm to issue secured/unsecured redeemable non-convertible debentures up to Rs 300 crore in one or more tranches was also approved by the board.

The board also gave its approval for BSR & Co. LLP, Chartered Accountants to be reappointed as the company's statutory auditors for a second term of five years, beginning after the conclusion of the following 42nd annual general meeting and continuing until the conclusion of the 47th AGM, which will take place in 2028, with the consent of shareholders.

“The combined entity's performance for FY23 has been remarkable as we continued to accelerate profitable growth and build on our position as a leading player in the global EPC (engineering procurement construction) market,” said Manish Mohnot, MD & CEO of Kalpataru Power Transmission, in a statement.

He noted that the company's order book, which includes L1, is at an all-time high of almost Rs 50,000 crore and that the company's priority would continue to be on accelerating expansion while upholding profitability and the stability of the balance sheet.

In addition, he claimed, the business improved its capabilities in FY23 by diversifying into more recent markets like airports, solar EPC, data centres, etc., growing its civil business in international markets, and adding large-size orders in T&D (transmission and distribution).

According to him, the business has a solid balance sheet and is always trying to increase its working capital, return ratios, and project closures in addition to selling off its non-core assets.

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