The shares of the awards-winning construction company gained up to 4 percent after the company emerged as the Lowest Bidder for the Project “Development of a Dairy Plant” at, Gujarat worth Rs 444.63 Crores.
With a market capitalization of Rs 2,721.60 crore, the shares of PSP Projects Ltd closed at Rs 756.00 per share, which decreased around 0.61 percent as compared to the previous closing of Rs 760.65 per share.
According to the company filing, PSP Projects Ltd has emerged as the Lowest (L1) Bidder for the Project “Development of a Dairy Plant” at Gadhka, Rajkot, Gujarat for the National Dairy Development Board worth Rs 444.63 Crores.
Furthermore, with the aforesaid project, the overall value of projects for which the business is the Lowest Bidder amounts to Rs 2,298 crores for the fiscal year 2023-24, in addition to the work orders obtained so far totaling Rs 1,060.30 crores for the fiscal year 2023-24.
The company’s revenue increased by 70 percent, from Rs 357 crore in Q2FY23 to Rs 607 crore in Q2FY24. During the same period, net profit increased by 69 percent, from Rs 23 crore to Rs 79 crore.
During the quarter and half year, the business got orders of Rs.175 crore and Rs.934 crore, respectively, excluding GST. The company’s order inflow as of today is Rs.959 crore, which includes recent orders.
During the quarter, UP projects generated Rs.268 crore in income, with a total of Rs.1,183 crore booked to date. The projects are nearing completion and on schedule.
The company added Rs 3,421 crore to its order book in the previous fiscal year and has Rs 5,321 crore in its order book as of June 30, 2023. As of March 31, 2023, the Company has a bid pipeline of roughly Rs 6,000 crore projects, which is likely to boost the order book during the current fiscal year.
PSP Projects Limited is a construction firm in India that provides a diverse variety of construction and related services for industrial, institutional, government, government residential, and residential projects.
Written by:- Abhishek Singh
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