The shares of this construction company jumped around 2 percent on Monday’s trading session after announcing that they have emerged as the lowest Bidder in the Project worth Rs. 296.85 Crores.
With a market capitalisation of Rs. 2,793, the shares of the PSP Project Ltd started Monday’s trading session on a higher note at Rs. 781 compared to its previous close of Rs. 769.20. The shares hit a high of Rs. 783, gaining around 2 percent and is currently trading at Rs. 773 apiece.
Such a positive movement in the share price was observed after the company in an exchange filing mentioned that they had emerged as the lowest bidder in the Project Construction and Maintenance Agency (CMA) for the Human and Biological Science Gallery at Science City, Ahmedabad, Gujarat worth Rs. 296.85 Crores.
With this order, the total value of projects for which the company stands as the lowest bidder amounts to Rs 1,063.86 crore for FY22-24, which is in addition to the work orders received to date amounting to Rs 1,060.30 crore for FY23-24.
Earlier this month, the company received a work order worth Rs 101.67 cores for the domestic project, Construction and Maintenance of the Main Building of GBRC, for Gujarat Biotechnology Research Centre (GBRC) at GIFT City Gandhinagar, Gujarat.
Coming onto the company’s financial statements, the revenue increased around 21 percent from Rs. 514 crores during the June quarter to Rs. 620 crores during the September quarter. In addition, the net profits increased from Rs. 38 crores to Rs. 39 crores during the same timeframe.
As of September 2023, The outstanding order book was at Rs.4,898 crore, with private projects comprising 48 percent, and government projects comprising 52 percent. Furthermore, the company expects an order inflow of nearly Rs.3,000 crore in FY24.
Headquartered in Ahmedabad, PSP Project Ltd was incorporated in 2008. The company offers a diversified range of construction and allied services across institutional, industrial, government, government residential, and residential projects in India.
Written By Vaibhav Patil
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