Infrastructure stock rose 3% to an intraday high price of Rs 764 per share after the company emerged as a lower bidder for an order value of ₹ 630.90 crore.
At 3:05 p.m, on Wednesday, PSP Projects Ltd shares were trading at Rs 738.10 per share, down 0.58 percent from the previous close price. The company has a market capitalization of Rs 2,666 crore. Over the last six months, the stock has gained 3.5%.
PSP Projects has emerged as the Lowest (L1) Bidder in the Project “Construction of Gati Shakti Vishwavidyalaya” for Rail Vikas Nigam Limited at Vadodara, Gujarat worth ₹ 630.90 Crores.
Based on the aforementioned order, the total value of projects for which the company stands as the Lowest Bidder amounts to ₹1,853.37 Crores for the financial year 2023-24. The company said in its exchange filing.
The company revenue has grown by 70 percent year on year, from Rs 357 crore in Q2FY23 to Rs 607 crore in Q2FY24. During the same period, Net profit has also increased by 70 percent from Rs 23 crore to Rs 39 crore.
PSP Projects Limited is a construction company that is diversified in the business of construction and allied services across institutional, government, and residential projects in India. It is also engaged in the real estate development of two mid-scale projects in the USA through its subsidiaries.
The company geographically diversified its business in the state of six states viz. Gujarat, Rajasthan, Karnataka, Uttar Pradesh, Maharashtra and New Delhi
During Q2FY24 and H1FY24, the company was awarded 9 projects and 14 projects, with an order inflow of ₹175 crore and ₹934 crore, respectively, as of 30 September 2023. The outstanding order book stood at ₹4,898 crore. The company executed government projects, comprising 52% of the order book as of H1FY24, compared to 56% in FY23.
The financial performance during Q2FY24 showed a 70% increase in the company’s revenue from operations, a 91% increase in EBITDA, and a 71% increase in net profit compared to the same period last year. The company expects an order inflow of nearly Rs.3,000 crore in FY24.
Written By Omkar Chitnis
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
