JMC Projects (India) announced that CARE Rating has reaffirmed the rating of Long Term Bank Facilities & Non-Convertible Debenturesas CARE A+; Stable (Single A Plus; Outlook: Stable).

Further, it has downgraded the rating of Short Term Bank Facilities from CARE A1+ (A One Plus) to CARE A1 (A One), thereby giving the rationale for such downgrade.

The revision in Short Term Bank Facilities rating is on account of high working capital intensity of operations which is likely to remain highamidst heightened execution challenges due to Covid-19 pandemic along with continued funding requirement for Company's underperforming operational toll projects.

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JMC Projects (India) has received new orders worth Rs 1342 crore as detailed below:

• Infrastructure Project in East Asia of approx. Rs.725 crore
• Water Supply Projects in Odisha totalling Rs.471 crore
• Building Project in North India of Rs.146 crore

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JMC Projects (India) in a filing made before market hours today announced it has won a Rs 725 crore order from East Asia for infrastructure project. The company also bagged water supply projects in Odisha totalling Rs 471 crore and building project in North India of Rs 146 crore.

Commenting on securing new orders, S. K. Tripathi, CEO said the company is confident that its strategy to diversify in the international markets will open up a huge opportunity going forward. In the current year, JMC Projects (India) has received orders exceeding Rs 5,300 crore against the initial guidance of Rs 5,000 crore, accordingly based on current prospects, the company is revising order inflow target to Rs 7,500 crore for 2020-21.

The stock is up 86.44% from its 52-week low of Rs 29.50 hit on 26 March 2020. The counter hit a 52-week high of Rs 132.10 on 23 October 2019.

JMC Projects (India), a subsidiary of Kalpataru Power Transmission, is a leading civil engineering and EPC company.

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JMC Projects said that the order comprises building project in South India totaling Rs 315 crore and a factory project in Maharashtra worth Rs 239 crore.

Commenting on securing new orders, S. K. Tripathi (CEO & Dy. Managing Director) commented, “We are happy with the new order wins especially in our Buildings & Factory (B&F) business. These new orders will strengthen our portfolio and will help us further expand our client base in the B&F market. JMC has won orders of around Rs 4,000 crore till date in FY21 despite the challenging market conditions, demonstrating JMC's impeccable reputation for domain expertise, prudent tendering and client confidence. Our execution capabilities and strong order book gives us confidence to deliver good performance going forward.”

JMC Projects (India), a subsidiary of Kalpataru Power Transmission, is India's one of the leading contracting company.

Shares of Kalpataru Power were up 4.22% to Rs 285 on BSE.

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