Kalpataru Power gains after being selected as preferred proponents for Australia's HumeLink project

Kalpataru Power Transmission rose 1.34% to Rs 554.05 after the company announced that it has been selected as one of the preferred proponents to deliver the HumeLink transmission project in Australia.

In an exchange filing made during market hours today, the specialized EPC company informed that it has been selected with Acciona Construction Australia and Genus Plus Group, as the preferred proponent to deliver Transgrid's HumeLink (East) transmission line project in Australia.

The value of the project will be determined post conclusion of early contractor involvement (ECI) stage-2 process.

HumeLink involves the construction of an approximately 356km transmission line in New South Wales, Australia. HumeLink's construction has been split into two sections (east and west) and involves new transmission lines and new or upgraded infrastructure at four substation locations.

KPTL along with Acciona Construction Australia and Genus Plus Group will work in a joint venture arrangement to deliver the eastern section of the HumeLink project.

HumeLink is a nation‐critical transmission project, which will help secure supply for millions of Australians as ageing coal‐fired power stations are retired.

Manish Mohnot, MD & CEO, KPTL, said, We are excited and proud to be working for Transgrid along with Acciona and Genus on this project that will help Australia move towards a cleaner energy future.

The HumeLink project will play a big role in Australia's vision to achieve net zero emissions. We are confident in our EPC abilities, especially our global project delivery expertise and design and engineering abilities, to construct and deliver this landmark project in Australia.

Kalpataru Power Transmission (KPTL) is one of the largest specialized EPC companies engaged in power transmission & distribution, buildings & factories, water supply & irrigation, railways, oil & gas pipelines, urban mobility (flyovers & metro rail), highways and airports. The company is currently executing projects in over 30 countries and has a global footprint in 68 countries. KPTL has maintained a leadership position in all its major businesses backed by strong organisational capabilities, superior technical know‐how, and adherence to best‐in‐class sustainability standards.

On consolidated basis, the company's net profit slumped 56.3% to Rs 118 crore in Q3 FY23 from Rs 270 crore in Q3 FY22. Net sales rose 3% year on year to Rs 4,004 crore in the quarter ended 31 December 2022.

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