In Thursday’s trading session, the shares of one of the leading Engineering and Construction companies dipped by 9.1 percent on BSE to Rs. 521.6, after the company announced that its Promoter can likely divest its stake in the company.
At 10:25 a.m., the shares of ITD Cementation India Limited were trading in the red at Rs. 529, down by 7.8 percent, as compared to its previous closing price of Rs. 573.8, with a market capitalisation of Rs. 9,086.7 crore.
What’s the news:
ITD Cementation India informed the stock exchanges that its Promoter shareholder, Italian Thai Development Public Company Limited, is exploring a potential divestment of its stake in the company.
Additionally, the company has also been informed that the process is currently in the early stages and no final decision has been made yet.
As per the March 2024 shareholding pattern available on the BSE, the promoter Italian Thai Development Public Company Limited holds 8.01 crore equity shares, representing a 46.64 percent stake, in ITD Cementation worth around Rs. 4,238 crore based on the current market price.
Recent work order:
Recently on 26th June, ITD Cementation secured a Marine Contract worth nearly Rs. 1,082 crores for constructing Third Berth (Jetty) and specified additional works at Dahej LNG terminal in the state of Gujarat.
Financials:
In terms of financials, the revenue from operations stood at Rs. 2,257.7 crore in Q4 FY23-24, rising by 38.4 percent YoY from Rs. 1,631.4 crore in Q4 FY22-23, and the after-tax profit grew by 138.3 percent to Rs. 89.6 crore from Rs. 37.6 crore, during the same period.
In FY23-24, ITD Cementation reported the highest-ever Earnings Before Interest, Taxes, Depreciation, and Amortisation, or EBITDA of Rs. 809 crore, as compared to Rs. 463 crore in FY22-23, indicating a growth of 75 percent YoY.
As of March 2024, the company’s consolidated order book stood at Rs. 19,918 crore, as against Rs. 20,044 crore in March 2023, whereas it secured orders worth over Rs. 6,900 crore from April 2023 to March 2024.
Stock Performance:
The company’s stock has nearly doubled in value and has gained around 228 percent over the past 12 months. In the last six months, it has delivered nearly 83.4 percent of positive returns, and about 82.3 percent year-to-date.
About the company:
ITD Cementation India Limited is engaged in the construction of a wide range of structures such as maritime structures, Mass Rapid Transport Systems (MRTS), dams & tunnels, airports, highways, bridges & flyovers and other foundations and specialised engineering work.
Written by Shivani Singh
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