Mumbai, Nov. 9 -- Shares of Man Infraconstruction extended gains for a second consecutive session on November 3 after the company announced two engineering, procurement and construction (EPC) orders worth Rs. 5.83 bn. The contracts increased its EPC portfolio to Rs. 8.58 bn from Rs. 2.75 bn in September, strengthening the order pipeline for its standalone business.
The larger contract, valued at Rs. 5.08 bn, covers construction of the Skyscraper residential tower at Marine Lines in Mumbai. The second order is a Rs. 750 mn letter of acceptance 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.
Man Infraconstruction said the expanded EPC portfolio had improved revenue visibility for its standalone business over the coming years. The company's managing director, Manan Shah, said the order book provided a stronger base for future execution, although the announcement did not provide a detailed project completion schedule.
The company reported an 8.7 per cent increase in consolidated net profit to Rs. 652 mn for the second quarter, compared with Rs. 600 mn a year earlier. Revenue from the EPC segment was broadly unchanged at Rs. 629.8 mn, against Rs. 631 mn in the corresponding period last year. The results were announced on October 29.
The shares were trading 1.79 per cent higher at 10.36 am, extending gains for a second session. Despite the recent rise, the stock was down 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, while its 52-week high stood at Rs. 149.58.
Published by HT Digital Content Services with permission from Construction World.