Power Mech Projects hit 52-week high after revision of tender order value to ₹594 crore

The increase in order value is due to a change in the scope of work.

Power Mech Projects shares rallied as much as 3.15% extending the gains for the last 10 trading sessions. The stock has given a 25.79% return in this period.

The stock opened the session at ₹6,198 apiece, up by 1.6% from the previous close, and gained further to the day's peak. However, Power Mech Projects stock trimmed the gains during the day and ended the trade at ₹6130 on NSE.

Last week, the company secured a significant order worth ₹209.50 crore from Hindustan Zinc. This order is for operating and maintaining a 3X91.5 MW captive power plant (CPP) in Rajasthan’s Chittorgarh. The project is slated to be executed in 48 months.

For the March quarter of FY24, Power Mech Projects’s net profit increased by 13.1%, rising to ₹84.4 crore from ₹74.6 crore in the same period last year.

The revenue from operations also saw a substantial boost, climbing by 10.9% to reach ₹1,301.5 crore, compared to ₹1,174.1 crore in the year-ago period.

The company’s EBITDA margin stood at 11.5% in the period under review compared to 11.1% in Q4FY23.

Established in 1999, Power Mech Projects Limited is a leading player in the infrastructure and power sectors in India. The company has a strong global presence and offers services, including power plant construction, maintenance, and operations.