Kalpataru Power rises after bagging LoI worth Rs 3,276 cr

Kalpataru Power Transmission gained 3.6% to Rs 391.10 after the EPC company received a Letter of Intent (LoI) for power transmission and distribution project in international market.

The Letter of Intent is for project involving design, engineering, supply and construction of HVDC power transmission line of 700 kms. The estimated value of the project stands at Rs 3,276 crore ($ 431 million). Kalpataru said the LoI is subject to fulfilment of certain conditions.

Commenting on the development, Manish Mohnot, MD & CEO of the company said We feel privileged to announce the receipt of the above mentioned LoI. This landmark achievement has been on several counts - intensive efforts that we have been putting in over last several years on large size projects for long-term value creation, developing strong client relationships and penetrate deeper into the focused markets on back of our strong technical and execution capabilities. This is also a hugely rewarding experience as we were working along with the same clients for past few years and is a testament for our quality solutions and expertise in power T&D business. We look forward to many such opportunities in future.

KPTL is one of the largest specialized EPC companies engaged in power transmission & distribution, oil & gas pipeline, railways and civil infrastructure business. The company reported a nearly 16% fall in consolidated net profit to Rs 259 crore in Q3 FY22 from Rs 308 crore posted in Q3 FY21. Consolidated net sales grew 11% to Rs 3889 crore in Q3 FY22 from Rs 3501 crore posted in Q3 FY21.

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