Kalpataru Power sizzles as logistics unit raises funds

Kalpataru Power Transmission surged 5.58% to Rs 82.35 at 12:26 IST on BSE after the company said its subsidiary has signed an agreement with Tano India Private Equity Fund II to raise Rs 80 crore to fund capacity expansion plan.

The company made the announcement during trading hours today, 15 April 2013.

Meanwhile, the S&P BSE Sensex was up 36.64 points or 0.2% at 18,279.20.

On BSE, 16,000 shares were traded in the counter as against average daily volume of 42,043 shares over the past one quarter.

The stock hit a high of Rs 83.40 and a low of Rs 79.50 so far during the day. The stock had hit a 52-week high of Rs 106.40 on 18 April 2012. The stock had hit a 52-week low of Rs 64.15 on 31 August 2012.

The stock had outperformed the market over the past one month till 12 April 2013, sliding 6.36% compared with the Sensex's 6.76% fall. The scrip had, however, underperformed the market in past one quarter, declining 20% as against Sensex's 7.23% fall.

The company has equity capital of Rs 30.69 crore. Face value per share is Rs 2.

Kalpataru Power Transmission (KPTL) said that its subsidiary -- Shree Shubham Logistics (SSLL) -- has signed an agreement with Tano India Private Equity Fund II to raise Rs 80 crore to fund its capacity expansion plan. SSLL is one of the leading organized service providers in the agri logistics space.

Commenting on the development, Mr. Manish Mohnot, Group Director, KPTL said, "Our subsidiary, SSLL has emerged among the largest private player in agri-logistics sector providing one-stop solutions to the entire value chain in agriculture sector. This fund infusion will support our capacity expansion plans in Maharashtra, Rajasthan and Madhya Pradesh and other states of the country".

Hetal Gandhi, MD, Tano India Advisors said, "We are excited to partner with SSLL which has followed a differentiated and scalable model in the agri-logistics space. After a substantial asset build-out in the last few years, the company is seeing increased levels of traction in its various businesses. The company is backed by pedigreed promoters who have a track record of building companies which become leaders in the space in which they operate in".

SSLL operates on unique combination of owned and managed warehouses. Currently SSLL is operating and managing 90 warehouses (owned & leased) with storage capacity of around 11 lakh metric tonnes and total floor plate area of around 6 million square feet in Rajasthan, Gujarat, and Madhya Pradesh. The company intends to expand this capacity to 1.5 million metric tonnes by end of this year and to nearly 2 million metric tonnes over the next two to three years with a pan India presence.

KPTL's net profit declined 12.8% to Rs 35.13 crore on 11.2% growth in net sales to Rs 878.66 crore in Q3 December 2012 over Q3 December 2011.

Kalpataru Power Transmission (KPTL) is a specialized engineering, procurement and construction (EPC) company engaged in power transmission & distribution, oil & gas pipeline, railways, infrastructure development, civil contracting and warehousing & logistics business with a strong international presence in power transmission & distribution. The company is currently executing several projects in India, Africa, the Middle East, Australia, North America, and Far East.

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