About
Kalpataru Projects International Ltd
Kalpataru Power Transmission Limited (KPTL) was incorporated in 23rd April, 1981, as HT Power Structures Pvt. Ltd. With presence in 70 countries, the Company is a global EPC player with diversified interest in Buildings and Factories, power transmission & distribution,
Roads and Bridges, Water pipe lines, railway track laying & electrification, civil infrastructure space, oil & gas pipelines laying, etc. The Company offers comprehensive solutions encompassing design, testing, fabrication, erection and construction and maintenance solutions for transmission lines, oil and gas infrastructure and railway projects on a turnkey basis.
The Company caters to both domestic and international markets through two state-of-the-art factories situated at Gandhinagar (Gujarat) and Raipur (Chhattisgarh). KPTL also has a test bed located near Gandhinagar used for tower prototype testing. Presently, it is engaged in engineering, procurement and construction (EPC) relating to infrastructure comprising power transmission & distribution, railway track laying & electrification, oil & gas pipelines laying, etc. As a diversified conglomerate, KPTL combines its technical prowess and excellent execution strategies to deliver exceptional service to its varied clientele. The Company is also involved in development of assets and has a portfolio of infrastructure along with two Manufacturing facilities in Gandhinagar, Gujarat and Raipur, Chhattisgarh, as well as two
Biomass based power plants in Rajasthan, India.
KPTL is one of the leading companies in the field of Turnkey projects for EHV Transmission Lines up to and including 800 KV in India and Overseas. As an EPC contractor, the company's scope of work includes design, testing, fabrication, galvanizing of towers and construction activities from survey, civil works/ foundation, erection to stringing and commissioning of EHV lines, besides procurement of items such as conductors, insulators, hardware accessories etc. We also participate in Substation projects on a partnership basis. The Construction division of the company had completed over 8,000+ kms of turnkey projects in India for various clients such as the Power Grid Corporation of India and various State Electricity Boards (SEBs) of Gujarat, Karnataka, Maharashtra, Rajasthan, Andhra Pradesh, Rajasthan, Orissa, Tamil Nadu and Madhya Pradesh.
The Company bagged the first 220 KV contract in April of the year 1984. After two years, in 1986, the first 400 KV contract came in company's hands. In March of the year 1991, KPTL released its 1,000 MTs production. In August of the year 1993, the company received the first 500 KV contract. During the year 1994, in the month of April the first Physical Export contract was came to the company. In the same year, in the month KPTL received an ISO 9001 Certificate and the company issued its Initial Public Offering (IPO). During May of the year 1997, the company changed its name to the present one Kalpataru Power Transmission Limited. The first 800 KV contract was surrendered to the company in September of the year 1995. During October of the year 1998, the company's R & D and Testing Station were commissioned. In July 2000, the company tested its Tallest tower in Test Bed. The Overseas Turnkey contract was signed in June of the year 2001. During December of the year 2002, the company awarded a single largest Project of 1,150 kms of 400kv line (Rihand) - 46,000 MTs by Powergrid, India. In September of the year 2003, KPTL started its Bio Mass Power Plant at Ganganagar, Rajasthan. The Company completed its third overseas 132 kV project for Zesco, Zambia in November 2004, ahead of contractual period. Also in the year 2005, KPTL completed the 900 kms of 400 kv D/C for Rihand project of Powergrid, its also prior to scheduled period. During the year 2005, in the month of January, the strategic diversification was made by the company into 11/33 kv distribution projects in India. In February, the company acquired the equity stake of JMC Projects. In August of the same year 2005, KPTL commissioned its new fabrication plant at Gandhinagar with a capacity of 30,000 Tonnes p.a. The first pipeline contract was signed with BPCL over 400 kms of below 16' in October 2005. During July of the year 2006, the Prestigious Pipeline contract of 74kms x 30' for GAIL (Panvel-Dabhol) was came to the company. The Business Today ranked the KPTL as the fastest growing Mid-Cap company of India in April of the year 2007.
The Company plans to further increase tower manufacturing capacity by 24000 MTs p.a, which will be operational from September 2008 at its main plant at Gandhinagar, making it among the largest tower manufacturing capacity at single location in the world. Post addition, the capacity of the company would be 108,000 MTs per annum. The Company has forayed into the fast growing Telecom sector for turnkey jobs, with some success from BSNL & private sector telecom players.
During the year 2014, the Company's wholly owned subsidiary, Amber Real Estate Ltd., completed construction & development of commercial building for IT/Software Technology Park at Thane in Maharashtra.
During the year 2015, Gestamp Kalpataru Solar Steel Structures Pvt. Ltd. have become subsidiary company, Punarvasu Holding and Trading Company Pvt. Ltd. have become step-down subsidiary company (through SSLL) of the company.
During the year 2016, the Company received Certificate of Conformity of the Factory Production Control for the construction product 'Structural Steel Transmission Line Towers' in compliance with Regulation 305/2011/EU of the European Parliament and of the Council of 9 March 2011 (the Construction Products Regulation or CPR) from SGS United Kingdom Limited.
During the year 2016, the Company received Certificate of Appreciation from Ministry of Energy and Coal Industry of Ukraine for successful completion of '750 kV Rivne NPP &150; Kiev Substation Transmission Line' project, one of the biggest projects of its type constructed in Ukraine which was completed at least nine months ahead of scheduled date.
During the year 2016, the Company secured Third Transmission Line BOOM Project under tariff based competitive bidding process. The project scope involves build, own, operate and maintain the transmission system for 'Transmission System Strengthening in Indian System for transfer of power from new HEPs in Bhutan.
The Company holds 67.19% equity shares of its wholly owned subsidiary, JMC. JMC has successfully completed Rights issue of 74,62,686 equity shares of Rs10 each during the year 2016, raising funds of approx. Rs. 150crores. It executed 3 road BOOT projects, through its wholly owned subsidiary companies and 1 road BOOT project in joint venture. All the four road BOOT projects are now fully operational on full toll and full length basis, of which the SPV Company M/s Vidhyachal Expressway Private Limited has received second Provisional Certificate to start operations of Toll Plaza - 2 of Rewa Project on April 4, 2016. JMC through its wholly owned subsidiary is engaged in the mining activity.
During the year 2017, the Punarvasu Financial Services Private Limited (PFSPL), the company's subsidiary started its new product 'Invoice Discounting'.
During the year 2017, the Company's subsidiary, Kalpataru Metfab Private Limited (KMPL) changed its business activity from manufacturing of solar energy equipment's and related businesses to manufacturing of Tower parts, structures and related businesses.
During the year 2017, Kohima-Mariani Transmission Limited has become subsidiary company of the Company.
In FY 2017, the Company erected 1,09,364 MT of transmission towers at various locations domestically and internationally and executed about 2,321 km of stringing work to connect the grid to sub-station or sub-station to sub-station in 2018.
As at 31 March 2018, the Company had 20 direct and indirect subsidiaries and 2 joint venture Companies.
During FY 2018, the T&D business has received the following top projects: i) Orders totalling Rs 1,092 crore for Substations and Transmission line in West Africa. ii) Received various Transmission line orders from Afghanistan, Bangladesh & Nepal totalling Rs 985 crore. iii) Three orders for transmission line construction, augmentation and supply in overseas markets for Rs 545 crore. iv) Transmission line turnkey project by Tamil Nadu Transmission Corporation Limited of Rs 643 crore.
In the transmission business, the Company completed charging the ATL BOOM Project by commencing commercial operation during FY 2018-19. On 29th April, 2019, Company through its wholly owned subsidiary in Sweden made a strategic investment to enhance KPTL's position in the global T&D EPC business and acquired 85% equity stake in Linjemontage I Grastorp AB (LMG) The Company paid Rs. 136.36 Crores (SEK 185.6 million) to acquire 85% stake in LMG Sweden. It supplied 1,70,696 MTs of Transmission Line Towers during the year 2018-19. It initiated manufacturing of Railway structures at existing manufacturing plant of the Company, which was approved by Central Organization for Railway Electrification (CORE). It incorporated a wholly owned subsidiary in Sweden namely Kalpataru Power Transmission Sweden AB, which became a subsidiary of the Company in FY 2018-19 to explore business opportunities in Nordic Countries and Europe.
In FY 2019-20, the Company erected around 1,28,000 MT of transmission towers at various locations domestically and internationally and executed about 3,800 ckm of stringing. The EPC segment has received new orders of approximately Rs. 9,887 Crore. Numerous transmission line and substation orders in international and domestic markets totalling approx. Rs. 3,658 Crore were secured from Power Grid Corporation Ltd. (PGCIL), State Electricity Boards (SEBs) and private clients. It secured several orders of Rs. 1,484 Crore from Indian Oil Corporation Limited (IOCL), GAIL and GSPL India Gasnet Limited (GICL). The Company's Railway business garnered orders worth Rs. 1,353 Crore related to gauge conversion, railway electrification and associated works from Rail Vikas Nigam Ltd. (RVNL), Central Organisation for Railway Electrification (CORE) and G-RIDE in FY19-20. It supplied 1,67,206 MTs of Transmission Line Towers during the year 2019-20. On July 3, 2019, Company entered into 3 binding agreements with CLP India Private Limited (CLP) to sell its stake in 3 power transmission assets namely, Kalpataru Satpura Transco Private Limited (KSTPL), Alipurduar Transmission Limited (ATL) and Kohima-Mariani Transmission Limited (KMTL) (referred jointly as SPVs), for an estimated enterprise value of Rs. 3,275 Crores. Though it completed the sale of entire stake in KSTPL on November 20, 2019, however, due to non-fulfillment of conditions precedent, the binding agreement for sale of stake in ATL was terminated effective from May 1, 2020. It purchased 1,46,45,499 equity shares of Rs. 10/- each representing 19.94% of the equity share capital of Shree Shubham Logistics Limited from its existing shareholder i.e. Tano India Private Equity Fund II for an aggregate consideration of ~ Rs. 64.66 Crore paid for consideration other than cash on preferential allotment basis on July 30, 2019. On May 20, 2020, the Board of Directors of the Company approved the buy-back of its equity shares of face value of Rs. 2/ each. It expanded footprints in three new countries each in Asia, Latin America and Africa. It secured 1st order in 765 KV GIS Substation segment in India. It completed 10 T&D projects including some of the most challenging projects. It commissioned around 700 track kms of Over Head Equipment (OHE) works. It secured first EPC project from G-RIDE. It clocked highest ever sales of around Rs. 1,750 Crore in 2019-20 with around 30 projects under execution in two countries. It received single largest EPC order for gas pipeline of Rs. 620 Crore. It commissioned Alipurduar Transmission Line. It renewed engagement with SEBs (Andhra Pradesh & Telangana) and Private Sector Clients in India.
In FY 2021, the Company commissioned KohimaMariani Transmission Ltd. (KMTL). It expanded T&D business and entered into five new countries across Asia, Latin America and Africa. It acquired 51% stake in Fasttel Engenharia in Brazil at an equity value of USD 8.8 million and subsidiary in Linjemontage I Grastorp AB (LMG), a Swedish EPC Company. It completed a Shipyard Project in Goa, Supreme Court complex in Delhi, AIIMS Hospital facilities across multiple cities, NTPC townships, Central University in Gaya, besides multiple residential and commercial projects in private sector. It signed agreement to construct 2,000 social housing units in Maldives. It commenced construction works for IIT Tirupati. It completed a river linking project in Ujjain, India and a water supply project in Sri Lanka. It received order book across the states of Odisha, Jharkhand, Bihar, Uttar Pradesh and Punjab. It developed capability and bidding for Metro Rail Underground Structures and High Speed Rail projects. It completed a Flyover near Mumbai. Its subsidiary, JMC secured large infrastructure projects in Mongolia and Maldives, utilising KPTL's business development capabilities. It completed the divestment of Jhajjar KT Transco (JKTPL) and Alipurduar Transmission Ltd. (ATL). Its subsidiary, JMC Projects (India) Ltd. received orders of approximately Rs. 7,916 Crore in FY20-21 in its Buildings & Factories and Water business. On November 26, 2020, the Company completed the sale and transfer of ~49% of the total equity shares of Adani Transmission Limited (ATL) with an agreement to sell balance 51% after obtaining requisite regulatory and other approvals consistent with Transmission Service Agreement. It entered into definitive agreement on May 29, 2020 with India Grid Trust, an infrastructure investment trust and completed the sale of its entire stake in Jhajjar KT Transco Private Limited (JKTPL) on October 5, 2020.
In FY20-21, the Company erected around 1,15,800 MT of transmission towers at various locations domestically and internationally and executed about 3,330 ckm of stringing. The EPC segment received new orders of approximately Rs. 16,359 Crore. It secured several orders of Rs. 1,057 Crore from various oil & gas marketing companies in India. Numerous transmission line and substation orders in international and domestic markets totaling approx. Rs. 6,289 Crore were secured by KPTL from Power Grid Corporation Ltd. (PGCIL), State Electricity Boards (SEBs) and private clients. The Railway business garnered orders worth Rs. 1,097 Crore related to gauge conversion, railway electrification and associated works from Rail Vikas Nigam Ltd. (RVNL), Central Organisation for Railway Electrification (CORE) and G-RIDE in FY 2020-21. It supplied 1,57,095 MTs of Transmission Line Towers. It received Orders in excess of Rs. 8,440 Crores including orders received by Linjemontage I Grastorp AB, in CFY 2020-21. On January 27, 2021, company incorporated a wholly owned subsidiary namely Kalpataru Power Do Brasil Participacoes Ltda (KPBPL). During the year under review, two new companies namely Kalpataru Power Senegal SARL, in the Republic of Senegal and Kalpataru Power DO Brasil Participacoes Ltda., in Brazil were incorporated as Wholly Owned Subsidiaries of Company. Fasttel became 51% step-down subsidiary of the Company w.e.f. April 7, 2021. Jhajjar KT Transco Private Limited ceased to be a Joint Venture Company of the Company effective from FY 2021.
During the financial year 2021-22, the Company and Techno Electric and Engineering Company Limited (Techno) completed the divestment of ~49% equity shares of Kohima-Mariani Transmission Limited (KMTL) (23% by the Company and 26% by the Techno) to Apraava Energy Private Limited (formerly known as CLP India Private Limited) and received the sale consideration in the third quarter of the fiscal. This marked the divestment of all Transmission BOOT assets of the Company. It made progress by selling 60% units of its Indore Real Estate asset by end of 2021-22. The Company of transmission towers executed about 2,674 ckm of stringing. The EPC segment received New Orders of approximately Rs. 18,161 Crores. Transmission line and substation orders in international and domestic markets totaling approx. Rs. 7,071 Crores (incl subsidiaries) were secured by KPTL. In India, it secured orders from Power Grid Corporation Limited (PGCIL), State Electricity Boards (SEBs) and private clients. Several orders of Rs. 569 Crores were also secured from various oil & gas marketing companies. The Railway business garnered orders worth Rs. 519 Crores related to gauge conversion, railway electrification and associated works. Its subsidiary, JMC Projects (India) Limited received orders of approximately Rs. 10,139 Crores in 2021-22 with the majority of order 42% - from B&F business. It supplied 1,52,580 MTs of Transmission Line Towers. It received Orders in excess of Rs. 8150 Crores [including orders received by LinjemontageI Grastorp AB (Rs. 985 Crores) and Fasttel Engenharia S.A. (Rs. 283 Crores)] in the current FY 2021-22.
During FY 2022, the Company secured record new orders of Rs. 18,161 Crores in 2021-22. It secured several high value projects and diversified global presence to 67 countries with addition of four new countries. In the T&D business, it secured single largest order of Rs. 3,276 Crores in the South American market. At the same time, it secured first international order for the B&F business in Maldives and strengthened Urban Infra business with two new road projects in Africa valuing over Rs. 2,200 Crores. In Water business, it achieved record order inflows of Rs. 3,286 Crores in 2021-22, expanding its geographical reach within India. On 19th February 2022, the Board of Directors of KPTL (the Company) and JMC Projects (India) Limited (JMC) approved the Scheme of Amalgamation for merger of JMC with KPTL. It secured strategic order of over Rs. 3,200 Crore in Chile for the design, engineering, supply, and construction of a HVDC power transmission line of 700 KM.
During year 2022-23, the Company and its subsidiary, JMC Projects (India) Ltd. (JMC) got amalgamated which became effective from January 04, 2023. Upon effectiveness of the Scheme, all the assets, liabilities, employees etc. of JMC were transferred and vested on the Company with effect from the Appointed Date i.e. April 01, 2022. As per the terms of Scheme, Company had issued and allotted 1,35,36,944 equity shares each of Rs 2/- to the eligible shareholders of JMC on January 16, 2023. The said allotted equity shares are listed and admitted for trading in BSE Limited and National Stock Exchange of India Limited on and from February 01, 2023. Further, in consideration of such amalgamation, the Company issued 1 equity share of Rs 2/- each for every 4 equity shares of Rs 2/- each of JMC to the eligible shareholders of JMC. i.e., 1:4 in the merger ratio.
During the year 2022-23, four step down subsidiaries of the Company viz. Brij Bhoomi Expressway Private Limited, Vindhyachal Expressway Private Limited, Wainganga Expressway Private Limited and JMC Mining and Quarries Limited became the direct subsidiaries of the Company upon Amalgamation of JMC Projects (India) Limited with the Company. Further, Kurukshetra Expressway Private Limited became direct associate company upon Amalgamation of JMC Projects (India) Limited with Company. Alipurduar Transmission Limited and Kohima-Mariani Transmission Limited ceased to be subsidiaries of the Company and became associate companies. The name of the Company was changed from Kalpataru Power Transmission Limited to Kalpataru Projects International Limited effective on May 22nd 2023.
During the year 2022-23, the Company commissioned over 1,200 km of Transmission Lines; commissioned Airport project on EPC basis; commissioned marquee projects such as IIT Tirupati (greenfield campus spread over 200 acres), Prestige Falcon Mall (largest in South Bengaluru), Bagmane Helium Commercial Project in less than 12 months (G+12 structure); commissioned Industrial EPC Project for a steel plant and shipyard; commissioned over 1,200 route km of Railway Electrification; commissioned over 100 route km of new Railway Track; commissioned Indore Metro and Bhopal Metro Projects; Over 250 km hydro-testing of pipelines commissioned across multiple States; commissioned Tamil Nadu's longest Elevated Corridor (> 7 km) in Madurai for NHAI and commissioned Elevated Corridor project (> 5 km) in Kanpur from UP Metro.
During the year 2022-23, the Company through terms of the agreement sold and transferred additional 25% out of the balance 51% equity shares of Alipurduar Transmission Limited to Adani Transmission Limited with an agreement to sell the balance 26% to Adani Transmission Limited. Further, Company also sold and transferred additional 25% out of the balance 51% equity shares of Kohima-Mariani Transmission Limited to Apraava Energy Private Limited (formerly known as CLP India Private Limited) with an agreement
to sell the balance 26% to Apraava Energy Private Limited, with Transmission Service Agreement.
Kalpataru Projects International Ltd
Chairman Speech
Our priority is accelerating profitable growth and transforming KPTL to
deliver sustainable stakeholder value.
Dear Stakeholders,
The financial year 2021-22 was characterised by severe second wave of
Covid-19 pandemic, global geo-political conflicts, high inflation and unprecedented
volatility in commodity prices along with broad disruptions in the global supply chain.
Against this challenging backdrop, we have delivered a noteworthy financial performance
driven by top- line growth, consistent profitability, successful management of cost and
improved market leadership position. Combined with our execution excellence, compelling
business portfolio, customer connect and cost focused approach, we have delivered a record
performance year after year, demonstrating the strength of our resilient business model,
which is designed to succeed in any operating environment.
Improved Business Performance - Strong Financial Position and Leading
Business Portfolio
The financial year 2021-22 was a year of demand recovery and notable
order booking for KPTL and JMC on account of strong impetus on infrastructure development
by Government, revival of real estate sector, pick-up in industrial activity and rising
adoption of renewables. We quickly identified and responded to the cost inflation
challenge by successfully implementing cost reduction initiatives, effective hedging and
improving operating efficiency to offset increased raw material and freight costs and, at
the same time, continuing to provide efficient project delivery to our customers.
I am happy to report that we have achieved turnover of Rs 14,777 Crores
at consolidated level, with growth of 14% over the previous year. Our EBITDA margin
remained healthy at 9% in 2021-22, which was lower than 2020-21 primarily due to cost
inflation. Our consolidated PAT was Rs 535 Crores with EPS of Rs 36.3 for 2021-22.
We have consistently demonstrated our track record of strong cash
generation and efficient working capital management as we have reduced our consolidated
net debt by 17% from 2019-20 levels. Our net debt is at Rs 1,902 Crores with a net debt to
equity ratio of 0.43x. We continue to make considerable progress on our deleveraging
journey with improvement in working capital days, record number of project closures and
divestment of T&D BOOT portfolio.
KPTL and JMC has a leading market position, with a sound strategy, as
we have successfully navigated the pandemic and volatile operating environment.
Simultaneously, we have also delivered a robust financial performance.
KPTL will continue with its deleveraging journey by actively looking to
exit non-core businesses and improving its capital management.
We plan to complete restructuring on Wainganga Road Project and
refinancing for Vindyachal Road Project in 2022-23. In case of Kurukshetra Road Project,
we have issued notice of termination and handed over the asset in line with the provisions
of the concession agreement. These steps will improve the operational viability of Road
BOOT assets.
The Board of Directors clearly understands the importance of returns to
shareholders and, as a result of the Company's strong financial profile and
confidence in its strategy and growth outlook, have proposed a dividend of Rs 6.5 per
share, subject to approval of shareholders. KPTL continues to have a progressive dividend
policy as we have consistently improved its dividend payout from 12% in 2019-20 to 25% in
2020-21 and 19% in 2021-22. Going forward, the Board aims to use the Company's free
cash flow to fund its capex, invest in new growth opportunities in the core business, and
make further returns to shareholders as appropriate.
Our consolidated order book is at all-time high of over Rs 32,761
Crores and we have secured record new orders of Rs 18,161 Crores in 2021-22. We have
significantly improved our market position in T&D, Water, B&F and Urban Infra
businesses during the year, as we have secured several high value projects and diversified
our global presence to 67 countries with addition of four new countries in 2021-22. We are
consistently, improving our competitive position and business mix with emphasis on
segments and markets that have higher growth outlook & better margin profile.
In the T&D business, we have secured single largest order till date
in our history of Rs 3,276 Crores in the South American market. At the same time, we
secured our first international order for the B&F business in Maldives and
strengthened our Urban Infra business with two new road projects in Africa valuing over Rs
2,200 Crores. In our Water business, we have achieved record order inflows of Rs 3,286
Crores in 2021-22, significantly expanding its geographical reach within India.
We continue with our strategy to enter and expand new markets and
generate new revenue streams beyond our traditional markets. This is very well depicted
with the performance of our Sweden subsidiary; LMG has reported good growth in revenue and
profitability since our acquisition in April 2019, as we have almost double the size of
business. In Fasttel Brazil, we are strengthening the organisation alongside integrating
their systems and process in-line with KPTL.
We continue to strengthen our market position through active business
mix management as we plan to secure new business from the high-growth segments like Metro
Rail, Airports, Data Centers and Heavy Civil Infrastructure. More than ever, we are
strengthening our capabilities in civil, electrical, design and engineering areas for
domestic and international markets as we continue to expand our leadership position in
focused EPC business.
We remain committed to scale-up our EPC business by expediting our
market reach, driving superior project delivery, balanced business portfolio across
customers and markets, and augmenting local presence in key geographies.
We are convinced that our wide global presence, diverse business mix
and strong execution capabilities provides us with competitive advantages, and adoption of
digital Industry 4.0 technologies enables us to sustained cost and quality
competitiveness. This will help us drive sustainable and profitable growth.
Strategic Enabler - KPTL-JMC Merger, Digital & Sustainability
In 2021-22, we have commenced a number of business transformation
initiatives. The objective of these initiatives will be to help us drive growth in core
business, improve profitability by optimising the portfolio and footprint, improving the
overall cost base efficiency through operational and manufacturing excellence and
Implementing the next phase of our strategic evolution will help us to better leverage our
expertise and competence, specifically in our key focus areas, making KPTL more digital
and sustainable.
Implementing the sustainability agenda. These strategic initiatives are
driven with an objective to build a future proof organisation with a targeted revenue goal
of USD 3 Billion by 2025.
One of the major step taken in this direction is the merger of JMC with
KPTL. In February 2022, the Board of Directors of KPTL and JMC approved the scheme of
amalgamation of JMC with KPTL. This is a significant milestone for both the companies to
unleash their growth potential and drive the next phase of growth. We believe combining
our two companies will create substantial long-term value for all our stakeholders.
Moreover, the merged entity will benefit from operational & cost synergies arising
from scale and size of the combined business. The merger will also enable us to bid for
large size complex projects along with improved management bandwidth. The combined entity
will have a strong balance sheet and financial flexibility to invest in core EPC business.
The process of getting necessary approvals for the merger are underway and progressing as
per schedule. The merger is expected to be completed in 2022-23.
Our investment in technology infrastructure and digital tools has
allowed us to improve our project delivery, react to situations with speed and ensure we
are focused on value creation. In 2021-22, we focused on higher adoption of digitalisation
across the entire project ecosystem and driving project delivery through mechanisation and
technology.
We are putting sustainability and ESG at the core of our strategy with
clear ambition to improve our performance on KPTL firmly believes, financial performance
has to be in-line with social and environmental performance. The goal is to sustainably
create value.
Parameters related to decarbonisation, occupational safety, diversity,
social integration and corporate ethics. In doing so, we want to align our sustainable
growth in-line with the larger society and communities. We want to promote measures that
allow us to be more committed to the environment, strengthen our social function with
greater safety, more diversity and better human resources, and continue to promote an
ethically responsible business culture. You can read more about our sustainability
outcomes in this integrated Annual Report.
Outlook
Governments around the world are giving high impetus to infrastructure
development in order to stimulate economic activity post the pandemic. Infrastructure
spending on transport infrastructure, housing, social infrastructure and clean energy has
begun to rebound and is expected to grow significantly over the coming decade. Moreover,
India continues to remain attractive destinations for investment with heighten focus by
Government on increasing public capital expenditure, infrastructure development and
introducing favorable reforms and policies like Make in India, Digital India, Power for
All, Smart Cities, Housing for All etc. Furthermore, surge in oil prices will improve
prospects and economic recovery in Middle East economies, leading to higher capex and
infrastructure development opportunities in Gulf countries. These structural developments
offer tremendous growth potential for KPTL given its core competencies and strong global
footprints in the EPC space.
Despite many macro uncertainties coupled with accelerating inflation,
KPTL has a decisive strategy in place to mitigate the inflationary pressures and we feel
confident about our ability to deliver consistent, long-term performance and sustainable
value creation. Furthermore, the declining trend of commodity prices and stability in
global supply chain will facilitate better project delivery.
On behalf of the Board of Directors, I would like to thank our
customers, subcontractors, vendors, bankers and shareholders for their trust in KPTL and
our employees for their hard work and commitment.
Best Regards,
Mofatraj P Munot Chairman
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Kalpataru Projects International Ltd
Company History
Kalpataru Power Transmission Limited (KPTL) was incorporated in 23rd April, 1981, as HT Power Structures Pvt. Ltd. With presence in 70 countries, the Company is a global EPC player with diversified interest in Buildings and Factories, power transmission & distribution,
Roads and Bridges, Water pipe lines, railway track laying & electrification, civil infrastructure space, oil & gas pipelines laying, etc. The Company offers comprehensive solutions encompassing design, testing, fabrication, erection and construction and maintenance solutions for transmission lines, oil and gas infrastructure and railway projects on a turnkey basis.
The Company caters to both domestic and international markets through two state-of-the-art factories situated at Gandhinagar (Gujarat) and Raipur (Chhattisgarh). KPTL also has a test bed located near Gandhinagar used for tower prototype testing. Presently, it is engaged in engineering, procurement and construction (EPC) relating to infrastructure comprising power transmission & distribution, railway track laying & electrification, oil & gas pipelines laying, etc. As a diversified conglomerate, KPTL combines its technical prowess and excellent execution strategies to deliver exceptional service to its varied clientele. The Company is also involved in development of assets and has a portfolio of infrastructure along with two Manufacturing facilities in Gandhinagar, Gujarat and Raipur, Chhattisgarh, as well as two
Biomass based power plants in Rajasthan, India.
KPTL is one of the leading companies in the field of Turnkey projects for EHV Transmission Lines up to and including 800 KV in India and Overseas. As an EPC contractor, the company's scope of work includes design, testing, fabrication, galvanizing of towers and construction activities from survey, civil works/ foundation, erection to stringing and commissioning of EHV lines, besides procurement of items such as conductors, insulators, hardware accessories etc. We also participate in Substation projects on a partnership basis. The Construction division of the company had completed over 8,000+ kms of turnkey projects in India for various clients such as the Power Grid Corporation of India and various State Electricity Boards (SEBs) of Gujarat, Karnataka, Maharashtra, Rajasthan, Andhra Pradesh, Rajasthan, Orissa, Tamil Nadu and Madhya Pradesh.
The Company bagged the first 220 KV contract in April of the year 1984. After two years, in 1986, the first 400 KV contract came in company's hands. In March of the year 1991, KPTL released its 1,000 MTs production. In August of the year 1993, the company received the first 500 KV contract. During the year 1994, in the month of April the first Physical Export contract was came to the company. In the same year, in the month KPTL received an ISO 9001 Certificate and the company issued its Initial Public Offering (IPO). During May of the year 1997, the company changed its name to the present one Kalpataru Power Transmission Limited. The first 800 KV contract was surrendered to the company in September of the year 1995. During October of the year 1998, the company's R & D and Testing Station were commissioned. In July 2000, the company tested its Tallest tower in Test Bed. The Overseas Turnkey contract was signed in June of the year 2001. During December of the year 2002, the company awarded a single largest Project of 1,150 kms of 400kv line (Rihand) - 46,000 MTs by Powergrid, India. In September of the year 2003, KPTL started its Bio Mass Power Plant at Ganganagar, Rajasthan. The Company completed its third overseas 132 kV project for Zesco, Zambia in November 2004, ahead of contractual period. Also in the year 2005, KPTL completed the 900 kms of 400 kv D/C for Rihand project of Powergrid, its also prior to scheduled period. During the year 2005, in the month of January, the strategic diversification was made by the company into 11/33 kv distribution projects in India. In February, the company acquired the equity stake of JMC Projects. In August of the same year 2005, KPTL commissioned its new fabrication plant at Gandhinagar with a capacity of 30,000 Tonnes p.a. The first pipeline contract was signed with BPCL over 400 kms of below 16' in October 2005. During July of the year 2006, the Prestigious Pipeline contract of 74kms x 30' for GAIL (Panvel-Dabhol) was came to the company. The Business Today ranked the KPTL as the fastest growing Mid-Cap company of India in April of the year 2007.
The Company plans to further increase tower manufacturing capacity by 24000 MTs p.a, which will be operational from September 2008 at its main plant at Gandhinagar, making it among the largest tower manufacturing capacity at single location in the world. Post addition, the capacity of the company would be 108,000 MTs per annum. The Company has forayed into the fast growing Telecom sector for turnkey jobs, with some success from BSNL & private sector telecom players.
During the year 2014, the Company's wholly owned subsidiary, Amber Real Estate Ltd., completed construction & development of commercial building for IT/Software Technology Park at Thane in Maharashtra.
During the year 2015, Gestamp Kalpataru Solar Steel Structures Pvt. Ltd. have become subsidiary company, Punarvasu Holding and Trading Company Pvt. Ltd. have become step-down subsidiary company (through SSLL) of the company.
During the year 2016, the Company received Certificate of Conformity of the Factory Production Control for the construction product 'Structural Steel Transmission Line Towers' in compliance with Regulation 305/2011/EU of the European Parliament and of the Council of 9 March 2011 (the Construction Products Regulation or CPR) from SGS United Kingdom Limited.
During the year 2016, the Company received Certificate of Appreciation from Ministry of Energy and Coal Industry of Ukraine for successful completion of '750 kV Rivne NPP &150; Kiev Substation Transmission Line' project, one of the biggest projects of its type constructed in Ukraine which was completed at least nine months ahead of scheduled date.
During the year 2016, the Company secured Third Transmission Line BOOM Project under tariff based competitive bidding process. The project scope involves build, own, operate and maintain the transmission system for 'Transmission System Strengthening in Indian System for transfer of power from new HEPs in Bhutan.
The Company holds 67.19% equity shares of its wholly owned subsidiary, JMC. JMC has successfully completed Rights issue of 74,62,686 equity shares of Rs10 each during the year 2016, raising funds of approx. Rs. 150crores. It executed 3 road BOOT projects, through its wholly owned subsidiary companies and 1 road BOOT project in joint venture. All the four road BOOT projects are now fully operational on full toll and full length basis, of which the SPV Company M/s Vidhyachal Expressway Private Limited has received second Provisional Certificate to start operations of Toll Plaza - 2 of Rewa Project on April 4, 2016. JMC through its wholly owned subsidiary is engaged in the mining activity.
During the year 2017, the Punarvasu Financial Services Private Limited (PFSPL), the company's subsidiary started its new product 'Invoice Discounting'.
During the year 2017, the Company's subsidiary, Kalpataru Metfab Private Limited (KMPL) changed its business activity from manufacturing of solar energy equipment's and related businesses to manufacturing of Tower parts, structures and related businesses.
During the year 2017, Kohima-Mariani Transmission Limited has become subsidiary company of the Company.
In FY 2017, the Company erected 1,09,364 MT of transmission towers at various locations domestically and internationally and executed about 2,321 km of stringing work to connect the grid to sub-station or sub-station to sub-station in 2018.
As at 31 March 2018, the Company had 20 direct and indirect subsidiaries and 2 joint venture Companies.
During FY 2018, the T&D business has received the following top projects: i) Orders totalling Rs 1,092 crore for Substations and Transmission line in West Africa. ii) Received various Transmission line orders from Afghanistan, Bangladesh & Nepal totalling Rs 985 crore. iii) Three orders for transmission line construction, augmentation and supply in overseas markets for Rs 545 crore. iv) Transmission line turnkey project by Tamil Nadu Transmission Corporation Limited of Rs 643 crore.
In the transmission business, the Company completed charging the ATL BOOM Project by commencing commercial operation during FY 2018-19. On 29th April, 2019, Company through its wholly owned subsidiary in Sweden made a strategic investment to enhance KPTL's position in the global T&D EPC business and acquired 85% equity stake in Linjemontage I Grastorp AB (LMG) The Company paid Rs. 136.36 Crores (SEK 185.6 million) to acquire 85% stake in LMG Sweden. It supplied 1,70,696 MTs of Transmission Line Towers during the year 2018-19. It initiated manufacturing of Railway structures at existing manufacturing plant of the Company, which was approved by Central Organization for Railway Electrification (CORE). It incorporated a wholly owned subsidiary in Sweden namely Kalpataru Power Transmission Sweden AB, which became a subsidiary of the Company in FY 2018-19 to explore business opportunities in Nordic Countries and Europe.
In FY 2019-20, the Company erected around 1,28,000 MT of transmission towers at various locations domestically and internationally and executed about 3,800 ckm of stringing. The EPC segment has received new orders of approximately Rs. 9,887 Crore. Numerous transmission line and substation orders in international and domestic markets totalling approx. Rs. 3,658 Crore were secured from Power Grid Corporation Ltd. (PGCIL), State Electricity Boards (SEBs) and private clients. It secured several orders of Rs. 1,484 Crore from Indian Oil Corporation Limited (IOCL), GAIL and GSPL India Gasnet Limited (GICL). The Company's Railway business garnered orders worth Rs. 1,353 Crore related to gauge conversion, railway electrification and associated works from Rail Vikas Nigam Ltd. (RVNL), Central Organisation for Railway Electrification (CORE) and G-RIDE in FY19-20. It supplied 1,67,206 MTs of Transmission Line Towers during the year 2019-20. On July 3, 2019, Company entered into 3 binding agreements with CLP India Private Limited (CLP) to sell its stake in 3 power transmission assets namely, Kalpataru Satpura Transco Private Limited (KSTPL), Alipurduar Transmission Limited (ATL) and Kohima-Mariani Transmission Limited (KMTL) (referred jointly as SPVs), for an estimated enterprise value of Rs. 3,275 Crores. Though it completed the sale of entire stake in KSTPL on November 20, 2019, however, due to non-fulfillment of conditions precedent, the binding agreement for sale of stake in ATL was terminated effective from May 1, 2020. It purchased 1,46,45,499 equity shares of Rs. 10/- each representing 19.94% of the equity share capital of Shree Shubham Logistics Limited from its existing shareholder i.e. Tano India Private Equity Fund II for an aggregate consideration of ~ Rs. 64.66 Crore paid for consideration other than cash on preferential allotment basis on July 30, 2019. On May 20, 2020, the Board of Directors of the Company approved the buy-back of its equity shares of face value of Rs. 2/ each. It expanded footprints in three new countries each in Asia, Latin America and Africa. It secured 1st order in 765 KV GIS Substation segment in India. It completed 10 T&D projects including some of the most challenging projects. It commissioned around 700 track kms of Over Head Equipment (OHE) works. It secured first EPC project from G-RIDE. It clocked highest ever sales of around Rs. 1,750 Crore in 2019-20 with around 30 projects under execution in two countries. It received single largest EPC order for gas pipeline of Rs. 620 Crore. It commissioned Alipurduar Transmission Line. It renewed engagement with SEBs (Andhra Pradesh & Telangana) and Private Sector Clients in India.
In FY 2021, the Company commissioned KohimaMariani Transmission Ltd. (KMTL). It expanded T&D business and entered into five new countries across Asia, Latin America and Africa. It acquired 51% stake in Fasttel Engenharia in Brazil at an equity value of USD 8.8 million and subsidiary in Linjemontage I Grastorp AB (LMG), a Swedish EPC Company. It completed a Shipyard Project in Goa, Supreme Court complex in Delhi, AIIMS Hospital facilities across multiple cities, NTPC townships, Central University in Gaya, besides multiple residential and commercial projects in private sector. It signed agreement to construct 2,000 social housing units in Maldives. It commenced construction works for IIT Tirupati. It completed a river linking project in Ujjain, India and a water supply project in Sri Lanka. It received order book across the states of Odisha, Jharkhand, Bihar, Uttar Pradesh and Punjab. It developed capability and bidding for Metro Rail Underground Structures and High Speed Rail projects. It completed a Flyover near Mumbai. Its subsidiary, JMC secured large infrastructure projects in Mongolia and Maldives, utilising KPTL's business development capabilities. It completed the divestment of Jhajjar KT Transco (JKTPL) and Alipurduar Transmission Ltd. (ATL). Its subsidiary, JMC Projects (India) Ltd. received orders of approximately Rs. 7,916 Crore in FY20-21 in its Buildings & Factories and Water business. On November 26, 2020, the Company completed the sale and transfer of ~49% of the total equity shares of Adani Transmission Limited (ATL) with an agreement to sell balance 51% after obtaining requisite regulatory and other approvals consistent with Transmission Service Agreement. It entered into definitive agreement on May 29, 2020 with India Grid Trust, an infrastructure investment trust and completed the sale of its entire stake in Jhajjar KT Transco Private Limited (JKTPL) on October 5, 2020.
In FY20-21, the Company erected around 1,15,800 MT of transmission towers at various locations domestically and internationally and executed about 3,330 ckm of stringing. The EPC segment received new orders of approximately Rs. 16,359 Crore. It secured several orders of Rs. 1,057 Crore from various oil & gas marketing companies in India. Numerous transmission line and substation orders in international and domestic markets totaling approx. Rs. 6,289 Crore were secured by KPTL from Power Grid Corporation Ltd. (PGCIL), State Electricity Boards (SEBs) and private clients. The Railway business garnered orders worth Rs. 1,097 Crore related to gauge conversion, railway electrification and associated works from Rail Vikas Nigam Ltd. (RVNL), Central Organisation for Railway Electrification (CORE) and G-RIDE in FY 2020-21. It supplied 1,57,095 MTs of Transmission Line Towers. It received Orders in excess of Rs. 8,440 Crores including orders received by Linjemontage I Grastorp AB, in CFY 2020-21. On January 27, 2021, company incorporated a wholly owned subsidiary namely Kalpataru Power Do Brasil Participacoes Ltda (KPBPL). During the year under review, two new companies namely Kalpataru Power Senegal SARL, in the Republic of Senegal and Kalpataru Power DO Brasil Participacoes Ltda., in Brazil were incorporated as Wholly Owned Subsidiaries of Company. Fasttel became 51% step-down subsidiary of the Company w.e.f. April 7, 2021. Jhajjar KT Transco Private Limited ceased to be a Joint Venture Company of the Company effective from FY 2021.
During the financial year 2021-22, the Company and Techno Electric and Engineering Company Limited (Techno) completed the divestment of ~49% equity shares of Kohima-Mariani Transmission Limited (KMTL) (23% by the Company and 26% by the Techno) to Apraava Energy Private Limited (formerly known as CLP India Private Limited) and received the sale consideration in the third quarter of the fiscal. This marked the divestment of all Transmission BOOT assets of the Company. It made progress by selling 60% units of its Indore Real Estate asset by end of 2021-22. The Company of transmission towers executed about 2,674 ckm of stringing. The EPC segment received New Orders of approximately Rs. 18,161 Crores. Transmission line and substation orders in international and domestic markets totaling approx. Rs. 7,071 Crores (incl subsidiaries) were secured by KPTL. In India, it secured orders from Power Grid Corporation Limited (PGCIL), State Electricity Boards (SEBs) and private clients. Several orders of Rs. 569 Crores were also secured from various oil & gas marketing companies. The Railway business garnered orders worth Rs. 519 Crores related to gauge conversion, railway electrification and associated works. Its subsidiary, JMC Projects (India) Limited received orders of approximately Rs. 10,139 Crores in 2021-22 with the majority of order 42% - from B&F business. It supplied 1,52,580 MTs of Transmission Line Towers. It received Orders in excess of Rs. 8150 Crores [including orders received by LinjemontageI Grastorp AB (Rs. 985 Crores) and Fasttel Engenharia S.A. (Rs. 283 Crores)] in the current FY 2021-22.
During FY 2022, the Company secured record new orders of Rs. 18,161 Crores in 2021-22. It secured several high value projects and diversified global presence to 67 countries with addition of four new countries. In the T&D business, it secured single largest order of Rs. 3,276 Crores in the South American market. At the same time, it secured first international order for the B&F business in Maldives and strengthened Urban Infra business with two new road projects in Africa valuing over Rs. 2,200 Crores. In Water business, it achieved record order inflows of Rs. 3,286 Crores in 2021-22, expanding its geographical reach within India. On 19th February 2022, the Board of Directors of KPTL (the Company) and JMC Projects (India) Limited (JMC) approved the Scheme of Amalgamation for merger of JMC with KPTL. It secured strategic order of over Rs. 3,200 Crore in Chile for the design, engineering, supply, and construction of a HVDC power transmission line of 700 KM.
During year 2022-23, the Company and its subsidiary, JMC Projects (India) Ltd. (JMC) got amalgamated which became effective from January 04, 2023. Upon effectiveness of the Scheme, all the assets, liabilities, employees etc. of JMC were transferred and vested on the Company with effect from the Appointed Date i.e. April 01, 2022. As per the terms of Scheme, Company had issued and allotted 1,35,36,944 equity shares each of Rs 2/- to the eligible shareholders of JMC on January 16, 2023. The said allotted equity shares are listed and admitted for trading in BSE Limited and National Stock Exchange of India Limited on and from February 01, 2023. Further, in consideration of such amalgamation, the Company issued 1 equity share of Rs 2/- each for every 4 equity shares of Rs 2/- each of JMC to the eligible shareholders of JMC. i.e., 1:4 in the merger ratio.
During the year 2022-23, four step down subsidiaries of the Company viz. Brij Bhoomi Expressway Private Limited, Vindhyachal Expressway Private Limited, Wainganga Expressway Private Limited and JMC Mining and Quarries Limited became the direct subsidiaries of the Company upon Amalgamation of JMC Projects (India) Limited with the Company. Further, Kurukshetra Expressway Private Limited became direct associate company upon Amalgamation of JMC Projects (India) Limited with Company. Alipurduar Transmission Limited and Kohima-Mariani Transmission Limited ceased to be subsidiaries of the Company and became associate companies. The name of the Company was changed from Kalpataru Power Transmission Limited to Kalpataru Projects International Limited effective on May 22nd 2023.
During the year 2022-23, the Company commissioned over 1,200 km of Transmission Lines; commissioned Airport project on EPC basis; commissioned marquee projects such as IIT Tirupati (greenfield campus spread over 200 acres), Prestige Falcon Mall (largest in South Bengaluru), Bagmane Helium Commercial Project in less than 12 months (G+12 structure); commissioned Industrial EPC Project for a steel plant and shipyard; commissioned over 1,200 route km of Railway Electrification; commissioned over 100 route km of new Railway Track; commissioned Indore Metro and Bhopal Metro Projects; Over 250 km hydro-testing of pipelines commissioned across multiple States; commissioned Tamil Nadu's longest Elevated Corridor (> 7 km) in Madurai for NHAI and commissioned Elevated Corridor project (> 5 km) in Kanpur from UP Metro.
During the year 2022-23, the Company through terms of the agreement sold and transferred additional 25% out of the balance 51% equity shares of Alipurduar Transmission Limited to Adani Transmission Limited with an agreement to sell the balance 26% to Adani Transmission Limited. Further, Company also sold and transferred additional 25% out of the balance 51% equity shares of Kohima-Mariani Transmission Limited to Apraava Energy Private Limited (formerly known as CLP India Private Limited) with an agreement
to sell the balance 26% to Apraava Energy Private Limited, with Transmission Service Agreement.
Kalpataru Projects International Ltd
Directors Reports
Kalpataru Projects International Ltd
Company Background
| Incorporation Year | 1981 |
| Registered Office | Plot No 101 Part III,GIDC Estate Sector 28
Gandhinagar,Gujarat-382028 |
| Telephone | 91-79-23214000,Managing Director |
| Fax | 91-79-23211966 |
Mofatraj P MunotManish Mohnot| Company Secretary | Shweta Girotra |
| Auditor | B S R & Co LLP |
| Face Value | 2 |
| Market Lot | 1 |
| Listing | BSE,MSEI ,NSE, |
| Registrar | Link Intime India Pvt Ltd
5th Floor 506 to 508,ABC-I Off C G Road ,Navrangpura ,Ahmedabad-380009 |
Kalpataru Projects International Ltd
Company Management
| Director Name | Director Designation | Year |
|---|
| Parag Munot | Non-Exec & Non-Independent Dir | 2023 |
| Manish Mohnot | Managing Director & CEO | 2023 |
| Sajjanraj Mehta | Non-Exec. & Independent Dir. | 2023 |
| Vimal Bhandari | Non-Exec. & Independent Dir. | 2023 |
| Narayan Seshadri | Non-Exec. & Independent Dir. | 2023 |
| Anjail Seth | Non-Exec. & Independent Dir. | 2023 |
| Sanjay Dalmia | Executive Director | 2023 |
| Shailendra Raj Mehta | Independent Director | 2023 |
| Shweta Girotra | Company Sec. & Compli. Officer | 2023 |
| Shailendra Kumar Tripathi | Deputy Managing Director | 2023 |
| Mofatraj P Munot | Chairman (Non-Executive) | 2023 |
Kalpataru Projects International Ltd
Listing Information
| Listing Information |
|---|
| BSE_500 |
| BSE_CG |
| CNX500 |
| BSESMALLCA |
| BSEALLCAP |
| INDUSTRIAL |
| SML250 |
| MSL400 |
| NFTYMSC400 |
| NFTYSC250 |
| NF500M5025 |
| NFTYTOTMKT |
| NMIF503020 |
Kalpataru Projects International Ltd
Finished Product
| Product Name | Unit | Installed
Capacity | Production
Quantity | Sales
Quantity | Sales
Value |
|---|
| EPC Contracts | NA | 0 | 0 | 0 | 13443.79 |
| Tower Parts-Traded | MT | 0 | 0 | 0 | 656.84 |
| Sale of Scrap | NA | 0 | 0 | 0 | 107.59 |
| Others | NA | 0 | 0 | 0 | 98.64 |
| Export Benefits | NA | 0 | 0 | 0 | 29.96 |
| Real Estate Division (Flats) | No | 0 | 0 | 0 | 0 |
| Electrical Energy | MU | 0 | 0 | 0 | 0 |
| Steel Angles/Bars | No | 0 | 0 | 0 | 0 |
| Transmission & Distribution | NA | 0 | 0 | 0 | 0 |
| Transmission Towers& Heavy St. | MT | 0 | 0 | 0 | 0 |
| Equipments - Traded | No | 0 | 0 | 0 | 0 |
| Cranes | No | 0 | 0 | 0 | 0 |
| Computers | No | 0 | 0 | 0 | 0 |
| Income from Services | NA | 0 | 0 | 0 | 0 |
| Job Work | NA | 0 | 0 | 0 | 0 |
| Certified Emission Reduction | NA | 0 | 0 | 0 | 0 |
| Excise Duty Refund & Rebate | NA | 0 | 0 | 0 | 0 |
| Export Services | NA | 0 | 0 | 0 | 0 |
| Infrastructure Division | NA | 0 | 0 | 0 | 0 |
| Other Operating Income | NA | 0 | 0 | 0 | 0 |
| Sale of Products | NA | 0 | 0 | 0 | 0 |
| Lease Income | NA | 0 | 0 | 0 | 0 |
| Trading Sales | NA | 0 | 0 | 0 | 0 |