PSP Projects jumps 4 per cent

PSP Projects has informed the bourses that the company has emerged as the L-1 bidder for the development and beautification of Shri Kashi Vishwanath Dham at Varanasi, Uttar Pradesh. The project value of the same is Rs 339 crore.

As of Q2FY20, the company possesses an order book of almost Rs 3,190.9 crore, which gives the revenue visibility for the next 3 years. Further, it also has a strong orders in the pipeline of about Rs 2,000 crore. Looking at the recently concluded quarter Q2FY20, the company’s net sales surged nearly 47 per cent YoY to Rs 312.1 crore. Notably, the profit after tax jumped around 88 per cent YoY to Rs 32.46 crore.

Today, the company’s stock reacted positively with this order and witnessed gap up opening of 4 per cent at Rs 507.80 and made an intraday high of Rs 509.95 on BSE. At 09:20, the stock of PSP Projects was trading at around Rs 508 on BSE.