The shares of the engineering and construction company gained up to 4 percent after the company received two orders worth Rs 644.91 Crores from domestic entities.
With a market capitalization of Rs 8,040.97 crore, the shares of Power Mech Projects Ltd were trading at Rs 5,086.60 per share, increasing around 3.02 percent as compared to the previous closing price of Rs 4,937.70 apiece.
According to the company filing, Power Mech Projects Ltd has got two work orders totaling Rs 644.91 crore from domestic organizations. Rail Vikas Nigam Limited issued the first order for the construction of Road Beds, Major Bridges, Minor Bridges, ROBs, RUBs (including road approaches), station buildings, personnel quarters, other service structures, and HL Platforms totaling Rs 381.34 crore.
Furthermore, the second project awarded by Neyveli Uttar Pradesh Power Limited for Comprehensive O&M Service of 3×660 MW Ghattampur Thermal Power Project valued at Rs 263.57 crore.
Looking into the company’s financial, Power Mech Projects Ltd’s revenue increased by 5 percent from Rs 771 Crore in Q2FY23 to 932 Crore in Q2FY24. During the same period, net profits increased by 18 percent from Rs 43 crore to Rs 51 crore.
Power Mech Projects Ltd completed 15 lakh sq. ft. of infrastructure development work in Vizag, AP, and 2.37 lakh MT of structural fabrication in a year. The company has a total capacity of 68,375MW for O&M and AMC, with 6,792 MW commissioned in the power sector in international markets.
Steel Authority of India Limited awarded the business a Mining Development and Operation Project for Rs 30,438 Crores to develop and operationalize the Tasra Opencast Project in Jharkhand. The project would extract coking coal. The contract has a length of 28 years, including a 2-year development phase.
Power Mech Projects Limited is an engineering and construction organization that specializes in installing, testing, and commissioning boilers, turbines, and generators, as well as balancing plants.
Written by:- Abhishek Singh
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