Kalindee Rail bags Rs 650 cr deals, stock shoots up 11%

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Kalindee Rail bags Rs 650 cr deals, stock shoots up 11%

AP Verma, director of finance of Kalindee Rail Nirman (Engineers) Ltd spoke to CNBC-TV18 about his hopes from the Railway Budget apart from divulging details of the new deals worth nearly Rs 100 crore the company has bagged.

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The entire railway bouquet such as Kalindee Rail , Titagarh Wagon , Kernex and Stone India is showing momentum in today's trade, probably on budget expectations.

AP Verma, director of finance of Kalindee Rail Nirman (Engineers) Ltd spoke to CNBC-TV18 about his hopes from the Railway Budget apart from divulging details of the new deals worth nearly Rs 100 crore the company has bagged.

Below is the edited transcript of the interview. Also watch the accompanying video.

Q: Any preliminary negotiations or wish list which you have provided to the government with regard to the budget and what the railway industry would like to hear this time around?

A: With regards to budget paper, the moment we get something, we will be able to react to it. Some forum will be there... if some opportunity comes, then we will do that at the moment. No such proposal has come to us (so far).

Q: Recently you were awarded three new projects, could you walk us through the quantum of it and also the kind of margins and the timeline of execution?

A: Not only three, we have got two more now. These projects are from Maharashtra State Power Generation Co for a plant in Nagpur that is about Rs 51 crore, then we have got project from South-Eastern Railway for a new track line and that is about Rs 32 crore. We have also got a deal from Jaipur Metro and some order from DMRC etc. So, total project value as of today on our hand is about Rs 650 crore.
We have submitted further bids with RVNL; the result has still to come out in February-March and that is about Rs 795 crore. Then, one thermal plant in Bihar and Jharkhand from Abhijeet Group, they have three projects totaling about Rs 370 crore.

Q: What about the freight corridor space, are you seeing more traction in terms of biddings coming from there?

A: In freight corridor, 27 companies had submitted there pre-qualification bids and out of that, 14-15 companies have qualified, and we are one of them. We are going to submit our bids in joint venture with a Spanish company.

Q: So the revenue and execution with respect to the freight corridor will take place by FY13?

A: At the moment, I am not in position to comment on how much work orders we will get, but we expect things should improve much in the next financial year.

Q: You spoke about Bihar and Jharkhand order of about Rs 370 crore. When do you expect to hear that you have won these orders?

A: We expect the results to come out soon, but cannot give the exact date.