Kalpataru Power Transmission Ltd (KPTL) announced that it received orders worth Rs.6,523 crore in FY20, including Rs.605 crore of orders in the last quarter (January to March) of the year.
The company said that its outstanding order book as of March 31, 2020, was Rs.13,288 crore.
During FY21, up to May 20, 2020, KPTL had received new orders valued at Rs.909 crore. This included orders received by Swedish company Linjemontage i Grastorp AB (LMG) in which KPTL acquired controlling stake in 2019. Apart from confirmed orders, KPTL said that it had “L1” status in orders worth Rs.2,000 crore, most of which related to power transmission and distribution.
The company disclosed this information in a press release announcing its financial results for FY20.
Commenting on the results, Manish Mohnot, MD & CEO, KPTL said, “In these unprecedented and challenging times, I am extremely proud of how KPTL and JMC has come worked relentlessly to ensure the safety and well-being of our workforce while continuing to serve our clients across the world. Both of our manufacturing facilities have started working and more than 80 per cent of our sites are operational at different productivity levels.
The share buyback approved by the Board of Directors today reinforces our commitment to KPTL’s shareholders. Over the past decade, we have built KPTL into one of the leading power transmission and infrastructure EPC Company, with a dominant presence in each of the business vertical that we operate. We are very confident of KPTL’s growth prospects and market opportunity available. We believe there is considerable value in buying back KPTL shares, which are trading significantly below intrinsic value. We will continue to focus on disciplined capital allocation strategy on driving profitable growth, strengthening our balance sheet and creating sustainable value for our shareholders. We are committed to our goal to be a focused EPC player and target to be a debt-free company by end of FY21.”
(Note: JMC Projects (India) Ltd is a subsidiary of KPTL. Featured photograph is for illustration only.)