Meghna Infracon shares hit 52-week high on launch of new residential project in Mumbai

The real-estate firm has launched a premium residential project called ‘RIVAAN’ in the Goregaon West locality of Mumbai. The residential project has a carpet area of approximately 1 lakh square feet for development.

“The launch of ‘RIVAAN’ marks a significant milestone in our journey towards becoming the preferred luxurious real estate developers in Mumbai,” the company said in a press release on June 26, 2024.

The construction work has started at the site in Goregaon West and will be executed according to the scheduled timelines.

Meghna Infracon has introduced the concept of innovative community living with the launch of its project ‘RIVAAN’, which offers 1 BHK and 2 BHK residences in addition to commercial units on the first floor.

Shares of Meghna Infracon Infrastructure closed 10.89% higher at ₹436 per piece on the BSE on Wednesday.

For the financial year ended March 31, 2024, Meghna Infracon Infrastructure reported consolidated revenue of ₹55.67 crore, along with gross margins of 5.86%. The company’s Earnings before Interest, Tax, Depreciation, and Amortisation (EBITDA) stood at ₹3.57 crore in FY24.

Meghna Infracon’s net profit after tax jumped to ₹54 lakh in the final quarter of FY24 from a loss of ₹2.35 crore in the same period last year, while total income from operations skyrocketed 277.8% year-on-year (YoY) to ₹10.2 crore in the Q4 FY24 compared to ₹2.69 crore in the corresponding quarter of the previous fiscal year.