Kalpataru Power Transmission on Monday posted a nearly 22 per cent rise in consolidated net profit to Rs 140 crore for the March 2023 quarter, mainly on the back of higher revenues.
It had reported a consolidated net profit of Rs 115 crore in the year-ago quarter, a BSE filing showed.
The total income rose to Rs 4,896 crore in the quarter from Rs 4,169 crore a year ago.
For the full 2022-23, its consolidated net profit dipped to Rs 435 crore from Rs 535 crore in the preceding fiscal.
The total income in the fiscal under review also rose to Rs 16,401 crore against Rs 14,866 crore.
The board in its meeting on Monday also recommended a final dividend of Rs seven per equity share of the face value of Rs two each fully paid up (i.e. 350 per cent) for the financial year ended March 31, 2023, subject to approval by shareholders at ensuing annual general meeting (AGM).
The company will inform, in due course, the date on which it will hold the AGM for 2022-23 and the date from which dividend will be paid or demand draft/warrants thereof will be dispatched to the shareholders.
The board also approved the proposal for the issuance of secured/unsecured redeemable non-convertible debentures up to Rs 300 crore by the company in one or more tranches.
The board also approved the re-appointment of BSR & Co. LLP, Chartered Accountants as the statutory auditors of the company for a second term of five consecutive years to hold office from the conclusion of the ensuing 42nd annual general meeting till the conclusion of the 47th AGM to be held in 2028, subject to the approval of shareholders.
Manish Mohnot, MD & CEO, of Kalpataru Power Transmission, said in a statement, “The performance for FY23 has been remarkable for the combined entity as we continued to accelerate profitable growth and build on our position as a leading player in the global EPC (engineering procurement construction) market”.
The company’s order book, including L1, is at an all-time high of around Rs 50,000 crore, he stated, adding that the company’s focus will continue to accelerate growth while maintaining profitability and the strength of the balance sheet, Mohnot added.
Additionally in FY23, he said, the company has strengthened its capabilities by expanding civil business in international markets, adding large-size orders in T&D (transmission and distribution) in India and international markets and venturing into newer areas like airports, solar EPC, data centres etc.
The company has a strong balance sheet and is continuously working on improving its working capital, return ratios and project closures, along with divesting its non-core assets, he added.