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Kalpataru Power Transmission Limited (KPTL) will raise funds by issuing secured/unsecured redeemable non-convertible debentures (NCDs) upto ₹300 crore in one or more tranches.
Further, the KPTL board has proposed to buy back shares worth up to ₹200 crore at a price not exceeding ₹275 per share. At the maximum buyback price and size, the indicative number of equity shares to be bought back would be about 72,72,727, which is about 4.7 per cent of the total number of paid-up equity shares of the company, it said. KPTL shares were trading at ₹195.3, or 1.56 per cent up even as it reported disappointing Q4 numbers.
Q4 results
Net profits of KPTL went down by 80.38 per cent in the March-ended quarter to ₹31 crore. In comparison, profits were ₹158 crore during the quarter ended March 2019.
For FY20, profit declined 16.49 per cent to ₹390 crore when compared to profits of ₹467 crore it posted in FY19.
Ram Patodia, CFO, KPTL, said: “The situation ahead seems to be very challenging and requires a focussed approach for managing cash flow and cost. However, our strong balance sheet and order book position provides us the confidence that we will overcome the Covid-19 challenge and emerge stronger.
Further, KPTL is also looking to sell off some of its transmission and distribution assets. In 2019, it sold off three power transmission assets to CLP India for ₹3,275 crore.
Revenues in Q4 rose marginally by 0.09 per cent to ₹3,527 crore when compared to ₹3,524 crore during the year-ago period. For FY20, revenues went up by 17 per cent to ₹12,676 crore in comparison to ₹10,840 crore posted in FY19. KPTL’s consolidated order book was ₹22,834 crore as on March 20.
Construction subsidiary
KPTL’s subsidiary, JMC Projects, saw its FY20 revenue grow by 14 per cent to ₹3,713 crore, as a result of better execution in infrastructure business. JMC is into constructing highways, expressways, bridges, flyovers, townships, high-rise buildings, hospitals, industrial units, and power plants.
JMC reported a decline in net profit for FY20 by 44 per cent to ₹79 crore. It has an order of ₹9,546 crore as on March 31, and received total orders of ₹3,364 crore in FY20. The board of directors has recommended a dividend of ₹0.70 per share.
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