The Hindu Business Line : BL Kashyap hopes to achieve Rs 500-cr revenues this fiscal

CONSTRUCTION company BL Kashyap and Sons said it expects revenues to touch Rs 500 crore in the current financial year on the back of new projects in commercial, residential and IT space.

The company is also keen to participate in the construction of various stations for the Bangalore metro project.

"During the first half ended September 2005, our revenues stood at Rs 210 crore. Typically, due to factors including monsoons as well as labour shortage during the months of May and June, the industry witnesses about 140 per cent increase in the performance in second half of the year. We expect the revenues would stand at about Rs 500 crore in 2005-06," Mr Vineet Kashyap, Managing Director of BL Kashyap and Sons, said here.

He said that the company hoped to increase its net profit to Rs 30-32 crore compared with Rs 12 crore in 2004-05.

"We currently have Rs 775 crore worth of projects in hand, and projects worth Rs 500 crore are scheduled to be completed by March 2006," he said.

This includes 2 million sq.ft of commercial development for real estate developer Embassy in Bangalore; and 1.3 million sq.ft of development for Select Walk project in Saket, New Delhi, among others.

The company has also tied up Rs 20 crore of term loan from various banks to fund its capex requirement including plant and machinery. The amount has been raised from Canara Bank and ICICI, he added.

On the new growth areas, he said, "Although we had qualified for construction of 4-5 stations in Delhi metro project, we were not the lowest bidder. We are now keen to participate in the Bangalore metro project, and will be submitting our Expression of Interest (EoI) shortly."