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CONSTRUCTION strengthen Kolte-Patil’s market position in the Pune property market, Garware Technical Fibres Ltd. (Formerly Garware-Wall Ropes Ltd.),
GARWARE TECHNICAL FIBRES LOGS 25% YOY SALES
GROWTH TO `304 CRORE IN Q1FY23
with substantial visibility in Kiwale, a high-potential micro market in
the city. “This new project in our portfolio will be 100% owned by
the company. This acquisition, other than being situated at the
a leading manufacturer of technical textiles for the Indian and
global markets, has announced its financial results for the quarter
strong micro market of west Pune, is a plug and play deal, and is
in line with our business development target of `7,000 crores for this
ended Jun 30, 2022.
year. We continue to evaluate more such opportunities to meet
Consolidated: Q1FY23 Highlights:
our growth objectives across Pune, Mumbai and Bangalore,” said
compared to `243.1 crore in Q1 FY22
Rahul Talele, Group CEO, Kolte Patil Developers.
•
Profit before tax decreased by 10.2% to `37.1 crore in Q1FY23
According to Talele, the company is focussing on developing a • Net Sales increased by 25% to `304.5 crore in Q1FY23 as
diversified portfolio that benefits from the demand and locational as compared to `41.3 crore in the same period last year
drivers across multiple projects in its focus markets to create a • Net profit after tax has decreased by 11.7% to `28.2 crore in
diverse growth framework and drive value for all stakeholders. Q1 FY23 as against `31.9 crore in the corresponding period
Kiwale is strategically located at the junction of old NH4 Highway, of FY22.
Katraj-Dehu Road, and Mumbai-Pune Expressway, and provides • EPS for Q1 FY23 is at `13.67 this is a de-growth of 11.7% over
seamless access to Hinjewadi IT Hub, Pune city and the industrial Q1 FY22
belt of north-western Pune. The real estate sector is witnessing Vayu Garware, CMD,Garware Technical Fibres Ltd. commented,
robust growth in this region in line with the general trend across “The Company logged robust top line growth during Q1FY23.
the markets and is expected to continue the momentum hereon. Meanwhile, the quarter also saw a further increase in raw material
The ongoing consolidation in the real estate sector has and input costs, which have been passed through with a lag.
accelerated due to the outbreak of the Covid-19 pandemic. Raw material costs, along with a continuing lack of availability
Large established and listed realty developers have gained more of containers to deliver some of our high margin export sales has
market share in terms of sales and liquidity, as homebuyers are temporarily affected the margins for Q1FY23.
preferring to book properties of developers with sound execution Further, delayed shipments have also caused an increase of
track record and financial position inventories as of first quarter end which will be carried forward to
Q2 sales. With good movement of export orders as well as a recent
PANATTONI TO INVEST $200 MILLION IN CONSTRUCTING softening in the raw material, our company expects to have a
4 LOGISTICS PARKS IN INDIA positive second quarter in FY23.”
In an effort to meet the rising demand for warehouse space across
major cities, US-based Panattoni has expanded into India and L&T TO SELL 8 ROADS, TRANSMISSION PROJECT TO
will invest $200 million to build four industrial and logistics parks. EDELWEISS FUND FOR `7000 CRORE
With its introduction to India, Panattoni, a global pioneer in the Engineering giant Larsen & Toubro (L&T) is selling its eight
construction of industrial and logistics real estate, made its debut operational road assets that the company built and operated to
in the Asian market. Bengaluru serves as the corporate office for Edelweiss Infrastructure Yield Plus, an infrastructure fund managed
the Indian company Panattoni India Development Pvt Ltd. In an by Edelweiss Alternative Asset Advisors, for an enterprise valuation
interview with PTI, Sandeep Chanda, Managing Director India, of `7,000 crore, said people aware of the matter. The transaction,
Panattoni, sounded upbeat about the industrial and logistics yet to be made public, was signed earlier this month and is
sector of Indian real estate’s long-term growth as demand for awaiting regulatory approvals from the National Highways Authority
premium spaces from the manufacturing, e-commerce, and of India (NHAI) and the Securities and Exchange Board of India
third-party logistic sectors develop. (Sebi), they added.
For the initial phase of the India initiative, the business is in talks The transaction also includes one power transmission asset. The
with landowners to buy around 250 acres of property in Delhi- divestment is part of L&T’s asset-light strategy, which has seen
NCR, Mumbai, Chennai, Hyderabad, Bengaluru, and Pune to the company exit several non-core assets. The L&T Infrastructure
construct four projects. Development Projects Ltd (L&T IDPL) concessions have also been
According to him, “We will invest $200 million (about `1,597 part of that list. The Edelweiss infrastructure fund has two operating
crore) for the development of the first four industrial and logistics platforms -- Sekura Roads and Sekura Energy. Both are being
parks, totaling 6.5-7 lakh leasable square feet.” used as vehicles for this buyout. The equity value of the road
concessions and power transmission project stands at `3,000
crore.
L&T’s road and power transmission assets are housed in 51:49%
subsidiary L&T IDPL. Canadian pension fund Canada Pension Plan
Investment Board (CPPIB) is the 49% partner in the arm.
In 2018, L&T IDPL had floated an infrastructure investment trust (InvIT)
— IndInfravit Trust — and roped in Allianz Capital Partners, Canada
Pension Plan Investment Board and OMERS Infrastructure as key
unit holders. IndInfravit currently holds a portfolio of 13 operational
road concessions with about 5,000 lane km in five states.

36 CONSTRUCTION OPPORTUNITIES|SEPTEMBER 2022