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During Tuesday’s trading session, the shares of a company engaged in providing highway operations & maintenance (O&M) services surged nearly 3 percent to Rs. 195.8 on BSE, after the company announced securing an order worth Rs. 2.45 crores for pavement rectification works. 

With a market capitalisation of Rs. 5,524 crores, at 02:19 p.m., the shares of Markolines Pavement Technologies Limited were trading in the green at Rs. 1,228.7, up by nearly 1.4 percent, as compared to its previous closing price of Rs. 190.45. 

What’s the News: 

Markolines Pavement has been awarded a work order worth nearly Rs. 2.45 crores by Kokhraj Handia Expressway Private Limited for rigid pavement rectification works. 

According to the latest regulatory filings with the BSE, the order pertains to the tolling, operation, maintenance and transfer of 4 lane Allahabad Bypass section of NH-2 (new NH-3), covering the stretch from Km 628.753 to Km 713.215 in Uttar Pradesh (TOT Bundle 11). 

Previous Orders: 

On 10th October, Markolines Pavement received a work commencement notice from BrihanMumbai Municipal Corporation (BMC) for two bids, totaling approximately Rs. 50.8 crores, related to the improvement of the Eastern Express Highway and Western Express Highway through Micro Surfacing as part of the pilot projects. 

Additionally, on November 25th, the company secured a service order worth about Rs. 72.8 crores from Varanasi Aurangabad NH-2 Tollway Pvt. Ltd. for SMA and BC rectification works along the stretch from Km 843 to Km 866 in Bihar. 

Financials: 

Markolines Pavement reported a growth in revenue from operations, experiencing a year-on-year increase of nearly 11.2 percent, rising from Rs. 312 crores in FY23 to Rs. 347 crores in FY24. 

Likewise, during the same period, the company’s net profit increased marginally from Rs. 16 crores to Rs. 17 crores, representing a growth of around 6.3 percent YoY.  EBITDA for FY24 increased by 27 percent YoY to Rs. 35.91 crores, up from Rs. 28.23 crores in FY23, while the operating EBITDA margins also grew to 10.22 percent, from 9.04 percent, over the same period. 

As of 30th September 2024, the company’s order book stood at Rs. 453 crores, with orders worth Rs. 500 crores under discussion at various stages of Finalization. 

Stock Performance: 

The stock has delivered positive returns of nearly 33.5 percent in one year, as well as around 30.2 percent returns in the last six months. So far in 2024, the shares of Markolines Pavement have given negative returns of about 37.7 percent. 

About the Company: 

Established in 2002, Markolines Pavement Technologies Limited is India’s leading highway maintenance company. The company specializes in highway operations and maintenance services and is the sole provider in India with a Technology Centre for pavement preservation. 

Additionally, it is the only company in the country offering a comprehensive range of services in highway maintenance. 

Written by Shivani Singh 

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