The shares of the leading construction company gained around 6 percent to Rs 163.80 on Monday after the company received approval for its Luxurious Residential Project in Mumbai.
At 3:08 p.m., Man Infraconstruction Ltd shares were trading at a price of Rs 158.40 a share, up Rs 4.20 or 2.72 percent on the National Stock Exchange from the previous close price. The company has a market capitalization of Rs 5,878 crore.
As per the company’s exchange filing, The Company received an Intimation of Disapproval (IOD) approval for its Luxurious Residential Project of 10 societies located in Ghatkopar East, Mumbai, with a carpet area of around 4 lakh sq. ft. for sale.
The company is expected to launch the project in the fourth quarter of the fiscal year 2023-24. The project is estimated to generate revenue of Rs. 1,200 crore in the next 4 years from this project.
In the last six months, the company’s share price increased from Rs 66.66 to current levels, giving multibagger returns of 138 percent. As a result, if an investor bought 1 lakh firm shares in the last six months, their holdings are now worth 2.38 lakhs!
The company’s revenue has increased by 45 percent yearly, from Rs 351 crore in Q1FY23 to Rs 2,026 crore in 509. In the same time frame, the company’s net profit jumped by 95 percent, from Rs 43 crore to Rs 84 crore.
Man Infraconstruction profitability ratios are in a strong position with a return on equity of 23.73 percent and a return on capital employed of 38.41 percent.
The company promoters currently hold 67.12 percent of the company, while Foreign institutional investors hold 2.39 percent and retail investors hold a 28.78 percent stake.
Man Infraconstruction Limited is a full-service engineering, procurement, and construction firm with experience and execution skills in the port, residential, commercial and industrial, and road construction sectors.
Written by Omkar Chitnis
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