Shares of a newly listed company specializing in turnkey pre-engineered steel construction surged nearly 8 percent to Rs.1,218.85 per share after inaugurating a new plant, increasing capacity by 20,000 MT.
Share Price Movement
In Thursday’s trading session, Interarch Building Products Ltd’s share price surged 7.66 percent to an intra-day high of Rs.1,218.85 per share from its previous close of Rs.1,132.15 apiece. The price has since retreated and is currently trading at Rs.1,186.55 per share. Interarch was recently listed on August 26, 2024, on the BSE and NSE.
What happened
The uptick in the company’s share price occurred after it inaugurated phase 1 of its 5 state-of-the-art pre-engineered steel (PEB) manufacturing plants, marking the 4th fully integrated unit in Attivaram, Andhra Pradesh.
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The company stated that this manufacturing facility is equipped with the latest technology and can produce PEB structures, along with pre-engineered metal roofing and cladding systems.
The investment for phase 1, funded through internal accruals, will enhance Interarch’s installed capacity by 20,000 MT per year. The total project cost amounted to Rs.95 crore.
Over two phases, the plant is expected to increase capacity by 60,000 MT per year, ultimately bringing the total annual capacity to 2 lakh MT.
Management Commentary
Mr. Arvind Nanda, Managing Director, and Mr. Gautam Suri, Whole Time Director, Interarch Building Products Limited, commented on the achievement, stating “We are excited to announce the inauguration of our fifth PEB manufacturing unit in Attivaram, AP, marking a key milestone in our strategic expansion.
This new facility enhances our geographical reach and reinforces our commitment to innovation, quality, and sustainability. We look forward to contributing to the region’s economic development and meeting the growing demand with excellence.”
Financial Performance
In its most recent financial update, the company reported revenue from operations of Rs.1,293 crore for FY2024, up 15 percent from Rs.1,124 crore in FY2023. Net profit for the year was Rs.86 crore, marking a 6.17 percent increase from Rs.81 crore in the previous year.
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Company Overview
Interarch is one of the leading turnkey pre-engineered steel construction solution providers in India with integrated facilities for design and engineering, manufacturing, and on-site project management capabilities for the installation and erection of pre-engineered steel buildings.
Written by – Siddesh S Raskar
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