Nano contract to contribute Rs 30-35 Cr to topline: Kinetic Engineering
Sulajja Firodia, Director of Kinetic Engineering said that Nano contract will contribute Rs 30-35 crore to the topline of the company. Sale of non-core assets stood at Rs 44 crore. The company will use sales to retire debt.
She further said that in the next 2 quarters, the company will recover its losses. Merger of JHS business will add Rs 10-12 crore in the topline of the company, she added.
Kinetic Engineering bagged 2 orders recently. The company bagged order of Rs 20 crore to supply transmission gears for Nano, Rs 40 crore order to supply transmission gears and Rs 40 crore order from European manufacturers. Company’s European project will generate Rs 30-40 crore annually.
The company is going to sell some non-core assets for Rs 44 crore and the proceeds of the sale will be used to retire debt. The company has entered in a merger with JHS. Bombay HC has given nod to merge Jaya Hind Sciaky with the company. JHS clients include Honda, GM, Ashok Leyland and Tata Motors.
Kinetic Engineering’s Q1FY10 revenues (YoY) stood at Rs 10 crore Vs Rs 5.6 crore and net loss stood at Rs 9 crore Vs profit of Rs 11 crore.