Shares of this infrastructure company jumped around 2 percent in Wednesday’s trading session after bagging orders worth Rs. 217 crores from Greater Chennai Corporation.
Despite experiencing a sharp decline of over 30 percent in the last month, the stock has surged by 60 percent over the past year.
With a market capitalisation of Rs. 3,164 crores, the shares of Ramky Infrastructure Ltd started Wednesday’s trading session on a higher note at Rs. 457.90 compared to its previous close of Rs. 453.65. During the trading session, the shares hit a high of Rs. 464.35, gaining around 2 percent and are currently trading at Rs. 456 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that they had entered into two contracts with Greater Chennai Corporation, Chennai, Tamil Nadu worth Rs. 217 crores for the reclamation of Kodungaiyur Dumping Ground through Biomining.
One contract involves an amount of Rs. 39.88 crores and the second one is worth Rs.176.77 crores. Both orders are regarding the reclamation of the dumping ground through biomining and the contract will be executed in 24 months.
Coming onto the company’s financial statements, the revenue decreased by 24 percent from Rs. 582 crores in the September quarter to Rs. 441 crores during the December quarter. On the other hand, the net profits declined by 69 percent from Rs. 121 crores to Rs. 38 crores during the same period.
Comparing these metrics on a YoY basis, the revenue increased marginally by 6 percent from Rs. 417 crores during Q3FY24 to Rs. 441 crores in Q3FY24. In addition, the net profits magnified by 246 percent from Rs. 11 crores to Rs. 38 crores during the same timeframe.
The company principally operates in two business segments i.e., construction and development. In the development business, the group constructs roads under built-operate-transfer (BOT modes, industrial parks, special economic zones, and bus terminals.
Furthermore, as per the latest quarter, the infrastructure company has an order book of Rs 12,391.50 crores. Additionally, the company is also focusing on several PPP opportunities in the Roads, Irrigation and Railways sectors.
Headquartered in Hyderabad, Ramky Infrastructure was incorporated in 1994. It is a flagship company of the Ramky Group. The company is engaged in the business of construction, infrastructure development and management.
Written By Vaibhav Patil
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