PSP Project secures order worth Rs. 193 crores

PSP Project informed the bourses today that it has secured orders worth Rs. 192.81 crores for various institutional and residential projects from various clients. Of these orders, an order worth Rs. 104.59 crores is for designing and building a sabha hall and a residential complex for Maninagar Shree Swaminarayan Gadi Sansthan at Ahmedabad. The order worth Rs. 40 crores is for the proposed Phoenix Mall and Rs. 27.02 crores for the construction of Rajasthan School at Ahmedabad.

As on Q2FY20, the company has an order book of almost Rs. 3,190.9 crores, which gives the revenue visibility for the next 3 years. Further, it had strong orders in the pipeline of about Rs. 2,000 crores. In the current fiscal year, the company has secured orders worth nearly Rs. 1,053.23 crores, including today’s orders. Its net sales surged nearly 47 per cent YoY to Rs. 312.1 crores in the recently concluded quarter (Q2FY20). Notably, Profit after tax jumped around 88 per cent YoY to Rs. 32.46 crores.

The company’s stock reacted positively with this order win and surged nearly 1.2 per cent to touch an intra-day high of Rs. 527.65 apiece. However, later the stock cooled down and at 14.08 hours it was trading in negative terrain at Rs. 512, down by 1.8 per cent from previous close.