Diamond Power Infra. Secures Orders Collectively worth Rs. 1,309 Cr. from Adani
Diamond Power Infrastructure Ltd., an Ahmedabad-headquartered manufacturer of cables and conductors, has secured two orders collectively worth Rs. 1,308.75 crore from Adani. This was conveyed by Diamond Power Infra. via two separate stock filings, dated 8th and 9th July 2024.
Adani Energy Solutions Awards 900 Cr. Conductor Order to Diamond Power Infra.
Adani Energy Solutions Ltd. (AESL) has issued a Letter of Intent (LoI) to Diamond Power Infra. for supply of Al-59 conductors. The company stated that this Rs. 899.75 crore order has been secured for the supply of conductors to AESL’s ‘various SPVs’, which are developing transmission projects secured through Tariff-Based Competitive Bidding (TBCB). As per Diamond Power Infra., this order will be fulfilled on “Kms rate basis with PV [Present Value] Formula”. As per the LoI, this order is to be fulfilled by April 2025.
Diamond Power Infra. Secures Rs. 409 Cr. Order from Adani Green
Diamond Power Infra. has also secured an order from Adani Green Energy Ltd. (AGEL) for the ‘supply of various LV/MV cables’. This order has been valued at Rs. 409 crore as per the company’s stock filing. This order will be fulfilled on “Kms rate basis with PV Formulae”.
Diamond Power Infra. is required to execute this order by December 2024.
Major Change in Diamond Power Infra.’s Shareholding Pattern
It is interesting to note that there has been a substantial change in Diamond Power Infra.’s shareholding pattern during Q4 of FY-24. Promoter shareholding has increased to 95.47% as of 31st March 2024 from 11.41% during Q3 of FY-24.
However, as per a stock filing dated 31st May 2024, the company has notified stock exchanges that two of its promoters, namely Monarch Infraparks Pvt. Ltd. and Gujarat State Export Corporation (GSEC) Ltd. have sold some of their shares “…by way of offer for sale through stock exchange mechanism”. Monarch Infraparks & GSEC Ltd. have sold shares amounting to 2.44% of the company’s total shares each.
About Diamond Power Infrastructure Ltd.: Diamond Power Infrastructure Ltd. was established in 1970 by Mr. S.N Bhatnagar. The company manufactures cables, conductors and transmission towers. For FY-24, the company reported a turnover of Rs. 343.37 crore, and a Profit After Tax (PAT) of Rs. 17.02 crore.
