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PNN
Chennai (Tamil Nadu) [India], November 15: Krishca Strapping Solutions Limited, one of the leading manufacturers of Strapping Tools and Seals, announced its Unaudited Financial Results for H1 FY25. Consolidated Key Financial Highlights Key Operational Highlights 1. Secured Strategic Packaging Contracts: - Shyam Metallics and Energy Limited: Rs2.81 Cr contract for TMT strappings, valid until March 31, 2025. Future potential for order value increase based on service satisfaction. - Rashtriya Ispat Nigam Limited: Contract valued at Rs1.39 Cr for steel strapping supply. - Shyam Sel and Power Limited: Order valued at Rs2.54 Cr for TMT and metal strap binding, with validity until March 31, 2025. 2. Launched State-of-the-Art Strapping Line - Installed Capacity: 1,500 MT per month, enhancing operational efficiency. - Commissioned: May 14, 2024. - Focus: An environmentally friendly facility designed to meet the growing demands of the steel industry. 3. Successful Capital Raise Total funds rose of Rs68.04 Cr through preferential allotment of equity shares and convertible warrants. - Equity Shares: Rs49.40 Cr raised from 21,20,000 equity shares issued at Rs233 to 27 non-promoter shareholders. - Convertible Warrants: Rs18.63 Cr raised from 8,00,000 warrants at Rs233 issued to both promoter and non-promoter groups. - Utilization: Funds allocated for business expansion, strengthening financials, and driving product innovation. Commenting on the performance, Bala Manikandan, Managing Director & Founder of Krishca Strapping Solutions Limited said, "Krishca Strapping Solutions Limited has made significant strides in the first half of FY25, with a substantial 30% increase in revenue over last year. This growth demonstrates the strength of our business model and our relentless focus on expanding our presence in the industry. Our recent contract wins with key clients, including Shyam Metallics, Rashtriya Ispat Nigam, and Shyam Sel and Power, underscore the confidence our clients place in our products and services. These strategic partnerships not only reinforce our position as a trusted supplier but also open doors to greater collaboration and growth opportunities moving forward. We are proud of the launch of our new, eco-friendly strapping line with a robust monthly production capacity of 1,500 MT. This cutting-edge facility, commissioned in May 2024, reflects our commitment to operational excellence and sustainable practices, allowing us to meet the increasing demands of the steel industry efficiently. The successful capital raise of Rs68.04 crore through equity shares and convertible warrants equips us with the resources to accelerate our growth, drive product innovation, and reinforce our financial foundation. With our strategic initiatives in place, we look forward to building on this momentum, delivering value to our clients, and setting new benchmarks in the strapping solutions industry." (ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN. ANI will not be responsible in any way for the content of the same)
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