PSP Projects reports strong numbers across the board

PSP Projects’ consolidated revenue for the second quarter of FY20 came in at Rs. 312.11 crore, registering strong growth of 47.2 per cent YoY.

EBITDA for the quarter too jumped nearly 48.4 per cent YoY to Rs. 42.8 crore with a corresponding margin expansion of 11 bps. EBITDA margin for the quarter stood at 13.7 per cent.

Notably, the company’s profit after tax jumped by 88 per cent YoY to Rs. 32.46 crore. This was partly aided by higher other income of Rs. 7.13 crore in the quarter as compared to Rs. 5.73 crore in the corresponding quarter of previous year. Also, PAT margin for the period improved to 10.4 per cent from 8.1 per cent in Q2FY19.

Besides, the company’s board of directors have approved the fund raising of almost Rs. 300 crore. The mode of fund raising will be decided with approval of shareholders.

Post the announcement of this result, the stock of PSP Project turned volatile and went up to nearly Rs. 563 apiece, but later it cooled down and at 14:55 hours it was trading at Rs. 540 apiece, down by 1.4 per cent from previous close.