PSP projects jumps 5% on securing orders worth ₹554.92 crore

PSP Projects has secured work orders worth ₹554.92 crore (excluding taxes). Out of which, the order worth ₹ 389.29 crore (excl. GST) is for construction of Gold Stone Hotel and Commercial Towers at Bangalore, Karnataka in Institutional Category. The projects are to be completed within a period of 22 months and 16 months respectively.

Besides, order worth ₹165.04 crore (excl. GST) is for the construction of residential towers in Ahmedabad. The Project is to be completed within a period of 24 months. The company also received few small value work orders totalling to ₹ 0.59 crore.

With receipt of above orders, the total order inflow for the financial year 2024-25 till date amounts to ₹1444.91 crore.

In the latest quarterly results, the company witnessed a fair growth of 20.08% in revenue to ₹611.8 crore in the June 2024 quarter, compared to ₹509.5 crore during the year-ago period. The Net profit of the company remained more or less the same at ₹34.2 crore from ₹36.7 crore, a decline of -6.65%. On the operating front, the company witnessed a nearly 10% growth in the operating profit to ₹77.2 crore from ₹70.3 crore in the same quarter last year.

PSP Projects, the Ahmedabad-based firm is a multi-disciplinary construction firm and provides its services ranging from planning and design to construction and post-construction activities.

The shares of PSP projects have delivered muted returns in 2024 by declining 10% from 1 Jan 2024 to 23rd Sept 2024.