Kalpataru Projects Wins Rs 1,241-Crore Orders In India And Overseas Market

Infrastructure major Kalpataru Projects International Ltd. on Monday said it has cumulatively bagged orders worth Rs 1,241 crore from Indian and overseas market.

These include orders in the transmission and distribution business from the domestic and foreign clients, and orders related to residential commercial building projects in India, the company said in a release.

The fresh order wins have taken the company's year-to-date order inflows to over Rs 11,000 crore, said Manish Mohnot, the managing director and chief executive officer of Kalpataru Projects.

"More importantly, nearly 80-85% of the new order inflows including L1 are from our transmission and distribution and buildings and factories business, which gives us good confidence to deliver sustainable growth and profitably on back of our robust capabilities, strong track record and leading market position in these businesses," Mohnot added.

Earlier this month, Kalpataru Projects, along with its international subsidiaries, bagged orders worth Rs 2,744 crore across various business verticals. The orders included an EPC project for extension of airports from the Airports Authority of India, the company said in an exchange filing on Sept. 12.

Shares of Kalpataru Projects on Monday plunged sharper as compared to the benchmark indices. The company's scrip settled 2.86% lower at Rs 1,367.25 apiece on the NSE, compared to a 1.41% decline in the benchmark Nifty 50.

Year-to-date, the stock has risen by 92.8%, whereas the jump has been sharper at 110.4% over the past 12 months.

Fourteen of the 17 analysts tracking the company have a 'buy' rating on the stock, two suggest a 'hold', and one recommends 'sell', according to Bloomberg data. The average of 12-month analysts' price target implies a potential upside of 8.9%.