During Friday’s morning trading session, the shares of a company engaged in providing EPC and operations and maintenance (O&M) services hit a 5% upper circuit at Rs. 627.6 on BSE, after securing a work order worth nearly Rs. 468 crores from KPI Green Energy Limited.
With a market capitalisation of Rs. 6,750.6 crores, at 11:30 a.m., the shares of Bondada Engineering Limited were trading in the green at Rs. 625, up by nearly 4.6 percent, as against its previous closing price of Rs. 597.75.
What’s the News:
According to the latest regulatory filings with the BSE, Bondada Engineering Limited has secured a work order from KPI Green Energy Limited worth approximately Rs. 468 crores.
This order involves supplying materials for a solar power generation plant with a capacity of 130 MWp/100 MWac, as well as materials for its installation. The project is set to be completed within 12 months.
Previous Order:
On August 26th, Bondada Engineering received a Letter of Award from Lumina Clean Energy Private Limited, Purelight Energy Private Limited, and VVKR Photovoltaics Energy Private Limited.
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These companies are special purpose vehicles (SPVs) formed by the PPA owners, Paradigm IT Technologies Pvt Ltd and Metalcraft Forming Industries Pvt Ltd, both of which are software firms based out of India.
The order involves the design, surveying, supply, installation, testing, and commissioning of grid-connected distributed solar power plants aimed at solarizing selected agricultural feeders at the substation (SS) level within the MSEDCL jurisdiction.
This includes the associated 11 kV line to connect the plant to the relevant SS and Remote Monitoring System (RMS) of the solar power plants.
The order, valued at Rs. 575.7 crores, is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0 under the PM-KUSUM Solar projects across various districts in Maharashtra.
On 18th September, the company secured work orders worth Rs. 10.2 crore from Bharti Airtel Limited.
These orders include the supply of an 8-meter height pole weighing 82 kg, including plate, bracket, and cross-section for cable GBPA for GI poles, as well as a 6-meter height GI pole weighing 60 kg (hot-dipped galvanized) without base GPA for GI poles, to be delivered in Haryana.
Financials:
The company experienced significant growth in its revenue from operations, showing a year-on-year rise of around 116 percent from Rs. 371 crores in FY23 to Rs. 801 crores in FY24.
Similarly, its net profit increased during the same period from Rs. 17 crores to Rs. 46 crores, indicating a growth of 170.6 percent YoY.
On a year-on-year basis, EBITDA rose from Rs. 30.2 crores in FY23 to Rs. 71.5 crores in FY24, reflecting a growth of 137 percent. The company reported an EPS of Rs. 23.14 for FY24, up from Rs. 10.53 in FY23.
Over the past 12 years, Bondada has achieved significant growth in revenue, increasing from Rs. 7 crores in FY13 to Rs. 800 crores in FY24, representing a CAGR of 53 percent.
As of March 2024, the order book stood at Rs. 1,747 crores, with an additional Rs. 1,260 crores in orders in the pipeline.
Stock Performance
The stock has delivered multibagger returns of nearly 1742.4 percent of returns in one year, as well as around 255.5 percent returns in the last six months. So far in 2024, the shares of Bondada Engineering have given multibagger returns of about 638.4 percent.
About the Company:
Incorporated in 2012, Bondada Engineering Limited is engaged in the business of providing engineering, procurement, and construction (EPC) services and operations and maintenance (O&M) services to companies operating in the telecom and solar energy industry.
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Written by Shivani Singh
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