Power Mech Projects Ltd shares gained more than 4% on Thursday after the company announced receiving a work order worth ₹306 crore from the South East Central Railway.
In a filing to the stock exchanges, the company said that it has received an order worth ₹305.81 crore from South East Central Railway on an engineering, procurement, and construction (EPC) basis.
As per the details of the work order, the work pertains to the construction of an electrified 4th Railway BG line that falls between the Rajnandgaon-Dongargarha and Bhilai-Durg link block stations in
Chhattisgarh.
The nature of the contract lies under the ‘Execution of Civil Construction and Electrical Works’, the company informed the stock exchanges. The period for the execution of the said domestic order is set at 30 months.
Power Mech Projects’ consolidated net profit recorded a double-digit growth of 21.53% on a year-on-year (YoY) basis to ₹61.5 crore in the quarter ended December 31, 2023, compared to ₹50.6 crore reported in the same period last year.
Its consolidated net sales also climbed in tandem by 21.8% to ₹1,107.5 crore in the third quarter of FY24 versus ₹909.11 crore in the corresponding period of the previous fiscal year.
The company’s earnings before interest, taxes, depreciation, and amortisation or EBITDA, of ₹141.3 crore in Q3FY24 increased by 34% YoY in comparison to ₹105.6 crore in the year-ago period.
Shares of Power Mech Projects were trading 2.7% higher at ₹4,708.75 apiece on BSE at 2:48 PM.
(Edited by : Ajay Vaishnav)
