Kochi: INKEL Group has reported a turnover of Rs. 102.89 Cr for the financial year 2022-23. INKEL, as a standalone company has posted a turnover of Rs 81.16 Cr for the last financial year as against a turnover of Rs. 59.40 Cr during 2021-22, posting a growth of Rs 21.76 Cr at 36.88%. The net profit for the company for the financial year 2022-23 is reported at Rs. 12.87 Cr as against the previous year’s profit of R. 1.16 Cr.
“The percentage increase in the profit in INKEL is for the first time a double-digit growth during the FY 2022-23, which is very encouraging said Shri P Rajeev, Minister for Industries and also, Chairman of INKEL. The company made significant improvements in implementing large-scale projects such as Cochin Cancer Research Centre (CCRC) and Government Medical College, Ernakulam, (GMC, Ernakulam) both the facility will be dedicated to the people of Kerala during the current year. In addition to this, the company has made strong strides in implementing solar energy projects. In the renewable energy sector alone, the company posted a turnover of RS 45 Cr during the financial year 2022-23.
Among the subsidiary companies, INKID as a Joint Venture of INKEL and KSIDC and INKEL-EKK have performed well and declared an interim dividend of Rs 20%.
The Board of Directors on 26-6-2023 adopted the Annual Accounts of the Company. The Board has also approved an investment plan of Rs 487 Cr in newer verticals such as warehouses, solar and wind energy projects. The company proposes to establish a 14 MW wind Energy plant in its land in Palakkad for supplying to KSEB, for a period of 25 years. The PPA (Power Purchase Agreement) is expected to be signed shortly with KSEBL. In addition to this, an 18 MW Solar Energy plant is also proposed in Palakkad. The company is in talks with Cochin Shipyard, Kochi Metro and KMML for entering into power purchase agreements. Once this is implemented, this will be the first Hybrid Renewable Energy Park in the state with a generating capacity of 32 MW.
Kerala Biz News