Man Infraconstruction Shares Rise on Rs 5.83 bn EPC Orders
ECONOMY & POLICY

Man Infraconstruction Shares Rise on Rs 5.83 bn EPC Orders

Shares of Man Infraconstruction rose for a second consecutive session on November 3 after the company announced two engineering, procurement and construction (EPC) orders valued at Rs. 5.83 bn. The contracts increased its EPC portfolio to Rs. 8.58 bn from Rs. 2.75 bn in September.

The larger order is a Rs. 5.08 bn contract for construction of the Skyscraper residential tower at Marine Lines in Mumbai. The company also received a letter of acceptance valued at Rs. 750 mn from Bharat Mumbai Container Terminal for triangular yard-surcharging reclamation works at Jawaharlal Nehru Port Authority, also known as Nhava Sheva Port, in Navi Mumbai.

Manan Shah, managing director of Man Infraconstruction, said the expanded EPC portfolio had improved revenue visibility for the standalone business over the coming years. The company did not provide a detailed execution schedule for either contract in the announcement.

In its second-quarter results, Man Infraconstruction reported an 8.7 per cent year-on-year increase in consolidated net profit to Rs. 652 mn, compared with Rs. 600 mn in the corresponding period a year earlier. Revenue from the EPC segment was broadly unchanged at Rs. 629.8 mn, against Rs. 631 mn in the year-ago quarter.

The company’s shares were trading 1.79 per cent higher at 10:36 am on November 3, extending gains for the second session. Despite the immediate rise, the stock had declined 14.29 per cent year to date and 24.88 per cent over the preceding 12 months. It was 41.8 per cent above its 52-week low of Rs. 77.12 and remained below its 52-week high of Rs. 149.58, reached on the same day a year earlier.

Shares of Man Infraconstruction rose for a second consecutive session on November 3 after the company announced two engineering, procurement and construction (EPC) orders valued at Rs. 5.83 bn. The contracts increased its EPC portfolio to Rs. 8.58 bn from Rs. 2.75 bn in September. The larger order is a Rs. 5.08 bn contract for construction of the Skyscraper residential tower at Marine Lines in Mumbai. The company also received a letter of acceptance valued at Rs. 750 mn from Bharat Mumbai Container Terminal for triangular yard-surcharging reclamation works at Jawaharlal Nehru Port Authority, also known as Nhava Sheva Port, in Navi Mumbai. Manan Shah, managing director of Man Infraconstruction, said the expanded EPC portfolio had improved revenue visibility for the standalone business over the coming years. The company did not provide a detailed execution schedule for either contract in the announcement. In its second-quarter results, Man Infraconstruction reported an 8.7 per cent year-on-year increase in consolidated net profit to Rs. 652 mn, compared with Rs. 600 mn in the corresponding period a year earlier. Revenue from the EPC segment was broadly unchanged at Rs. 629.8 mn, against Rs. 631 mn in the year-ago quarter. The company’s shares were trading 1.79 per cent higher at 10:36 am on November 3, extending gains for the second session. Despite the immediate rise, the stock had declined 14.29 per cent year to date and 24.88 per cent over the preceding 12 months. It was 41.8 per cent above its 52-week low of Rs. 77.12 and remained below its 52-week high of Rs. 149.58, reached on the same day a year earlier.

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