Shares of Man Infraconstruction Ltd extending their gains for the second day on Tuesday, November 3, as the company reported that it secured two orders worth ₹583 crore.
The company said the order increased its engineering, procurement and construction (EPC) portfolio to ₹858 crore from ₹275 crore in September, this year.
The orders include a ₹508 crore contract to construct the Skyscraper residential tower at Marine Lines in Mumbai and a ₹75 crore letter of acceptance (LoA) from Bharat Mumbai Container Terminal Private Limited (BMCTPL) for triangular yard-surcharging reclamation works at Jawaharlal Nehru Port Authority (JNPA), also known as Nhava Sheva Port, in Navi Mumbai.
“With our EPC portfolio now standing at approximately ₹858 crore, we have enhanced revenue visibility for our standalone business over the coming years,” Manan Shah, managing director of the company, said.
EPC contribution to second quarter
Man Infraconstruction reported an 8.7% increase in consolidated net profit to ₹65.2 crore for the second quarter from ₹60 crore a year earlier. The results were announced on Thursday, October 29.
Revenue from its engineering, procurement and construction (EPC) segment remained broadly flat at ₹62.98 crore compared with ₹63.10 crore in the year-ago period.
Stock reaction to the order win
The shares of the company were trading 1.79% higher as of 10.36 am on Tuesday, extending its gains for the second straight session.
The stock has fallen 14.29% in the year-to-date period with additional loses of 24.88% in the trailing 12-month period.
The company’s shares are 41.8% away from hitting its 52-week low of ₹77.12. It had achieved its 52-week high of ₹149.58 on the same day last year.