Kamdhenu Q4 profit up 56% to Rs 170 mn; company raising Rs 1 bn

08 May 2024 CW Team

Kamdhenu, a steel maker, announced that its net profit had increased by 56 percent to Rs 160.8 million in the March quarter, compared to Rs 100.8 million in the previous year's corresponding period. This rise was attributed to increased income. The total income for the period increased from Rs 1.68 billion to Rs 1.84 billion, as observed from January to March quarter of FY23.

Similarly, the company's total expenses also rose, reaching Rs 1.61 billion, up from Rs 1.53 billion in the same period last year.

The board of directors suggested a final dividend of Rs 2 per equity share with a face value of Rs 10 each for the fiscal year ending on March 31, 2024.

In a separate statement, Kamdhenu CMD, Satish Kumar Agarwal, stated that the company intends to raise Rs 1 billion through the issuance of convertible warrants on a preferential basis over the next 18 months. Currently, they have received Rs 240.27 billion out of this amount.

Agarwal explained, "Through the capital raise, the company intends to re-model the franchisee business by strategically acquiring stakes in certain franchisee units, invest in both existing and new business ventures in India or abroad to diversify, allocate funds for capital expenditure in the existing manufacturing unit, and/or acquire and establish new office premises."

Regarding the sector's outlook, Agarwal expressed optimism, stating that the sector is anticipated to continue witnessing significant growth opportunities due to the government's robust support for infrastructure projects, including initiatives like housing for all.

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