Jyoti Structures, a smallcap company, has received a Rs 389-crore order from Adani Energy Solutions, it announced on Tuesday.
According to a stock exchange filing, Jyoti Structures has received an order worth Rs 389.36 crore from Adani Energy Solutions Limited for the supply of Towers, Survey, Soil Investigation, Foundations, Erection, Stringing, Testing, and Commissioning of 765 kV DC Transmission Line 1B of Boisar II, Pune III on turnkey basis.
Jyoti Structures estimated that the project would take 18 months to complete.
Jyoti Structures is a small-cap company that trades on the stock exchanges in Group 'A'. Jyoti Structure shares are settled on a 'T+1' cycle, and the company's market capitalisation is Rs 2,055 crore.
Jyoti Structures is involved in infrastructure projects that enable the transmission of ultra-high-voltage electricity.
Its turnkey projects include designing, testing, manufacturing, erecting, and commissioning transmission lines, substations, and power distribution systems in India and abroad.
According to the company's website, Jyoti Structures has constructed 31,000 kilometers of transmission lines and more than 1,800 high voltage substation bays.
Jyoti Structures currently has orders worth approximately Rs 2,000 crore on hand, excluding Adani Energy's most recent order. This includes an order for an 800 KV High Voltage Direct Current (HVDC) project worth Rs 741 crores from Power Grid Corporation of India Limited.
"In light of the current order book and the overall business outlook, the company will restart its second tower manufacturing unit in Nasik by the end of March this year. In preparation, the company has ordered a new galvanizing plant and three CNC fabrication machines, in addition to refurbishing the seven CNC fabrication machines it already owns," it stated in a filing on February 21.
The company began manufacturing operations at its first unit in Nasik in August 2022, with an annual capacity of 36,000 MT. The second tower will provide 33,000 MT of annual manufacturing capacity to the company.
"The plan for restarting the company's third tower manufacturing unit at Raipur, having annual manufacturing capacity of 40,000 MT, is being kept ready for implementation," it stated.
On the bourses, Jyoti Structure's share price fell 2.4% intraday to a low of Rs 16.91 per share. In comparison, the benchmark BSE Sensex index was up 214 points (0.29 percent) at 12:25 PM.
