Smallcap stock engaged in providing design, engineering, procurement, and construction (EPC) services jumped upto 5 percent in the day’s trade after CCI approved Adani Group’s acquisition of it.
Price Action
With a market capitalization of Rs. 9,104 Crores, the shares of ITD Cementation Limited were trading at Rs. 530 per equity share, up 3 percent from its previous day’s close price of Rs. 513.30.
What Happened
Renew Exim DMCC, a wholly owned offshore entity of the Adani promoter family had recently entered into an agreement with ITD Cementation’s promoter Italian-Thai Development Public Co. to buy a 46.64 percent stake in the company and gave an open offer to the other shareholders of the company to acquire additional 26 percent stake.
Following this the Competition Commission of India (CCI) has approved Adani Group entity Renew Exim DMCC’s acquisition of up to 72.64% stake in ITD Cementation Limited.
About the Company
ITD Cementation Limited is engaged in the business of providing design, engineering, procurement, and construction (EPC) services for infrastructure projects in India.
Presence and Operations
ITD Cementation Limited’s area of operations includes urban infrastructure, mass rapid transit systems and airports, highways, bridges and flyovers, maritime structures, industrial structures and buildings, hydro, dams, tunnels and irrigation, foundation and specialist engineering, water and wastewater, and many others.
Q2FY25 Order Book
As of Q2FY25, it has a consolidated work order book of Rs. 17,986 Crores. The order book breakdown consists of Maritime Structures 32.4 percent, Urban Infrastructure, MRTS, and Airports 19.7 percent, Highway Bridges and Flyovers 14.2 percent, Industrial Structures and Buildings 17.2 percent, Hydro, Dams, Tunnels, and Irrigation 10.8 percent, Foundation, and Specialist Engineering 3.1 percent and Water and Waste Waterworks 2.6 percent
Financials
Its revenue from operations grew by 25 percent from Rs. 1,616.19 Crores in Q2FY24 to Rs. 2,013.34 Crores in Q2FY25, accompanied by profits of Rs. 53.62 Crores to Rs. 72.04 Crores.
Written by: Bharath K.S
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