Rs 1,265 crore order book: This multibagger civil construction company delivers two 47 storey tall residential towers measuring 3,60,000 square feet!

The stock gave multibagger returns of 120 per cent in just 6 months whereas BSE Sensex Index is 10.85 per cent

Man Infraconstruction Limited (MICL), a leading construction company and a pioneer name in real estate development, announces that it delivered two 47 storey tall residential towers measuring 3,60,000 square feet in the “Atmosphere O2” project located in Mulund West, Mumbai well before given timeline.

Commenting on this development, Mr Manan P. Shah, Managing Director of Man Infraconstruction Ltd said, “We are happy to announce to have received an Occupancy certificate for two out of the three residential towers of our “Atmosphere O2” project located at Mulund West, Mumbai. We are also excited to inform our shareholders that the project is nearly 90 per cent sold out. The project which was launched in November 2019, measures approximately 7.1 lakh square feet of Rera carpet area and 18.6 lakh sq. ft. of construction area, with over 800 dream homes and over 350 offices/shops having three tall 47-storey residential towers and an 18-storey commercial tower.

The company takes pride in delivering Tower ‘D’ and Tower ‘E’ of this project comprising approximately 3.6 lakh square feet of carpet area, in a record time of less than 4 years to our customers, the possession of which will be starting from October 2023 onwards. We are in the process of delivering another 3.5 lakh sq. ft. of carpet area comprising of the residential Tower ‘F’ and the commercial tower ‘The Gateway’ in the near future. I express my sincere gratitude to each of our team members who were part of this journey.”

Man Infraconstruction Limited is executing this project as well as owns a 17.5 per cent equity stake in this project.

Earlier., the company received an intimation of disapproval (IOD) approval for its luxurious residential project of 10 societies located at Ghatkopar East, Mumbai having a carpet area of approx. 4 lakh sq. ft. for sale. The company is expected to generate revenue of Rs 1,200 crore in the next 4 years from this project.

On Tuesday, shares of MICL gained 1.09 per cent to Rs 153.50 per share with an intraday high of Rs 155.50 and an intraday low of Rs 151.05. The company reported positive numbers in its Quarterly Results (Q1FY24) and annual results (FY23). The order book stands at Rs 1,265 crore as of June 2023.

The shares of the company have a PE of 19.5x whereas the industry PE is 32x and a ROE of 26.40 per cent & a ROCE of 32 per cent. The stock gave multibagger returns of 120 per cent in just 6 months whereas BSE Sensex Index is 10.85 per cent. Investors should keep an eye on this Small-Cap stock.

Disclaimer: The article is for informational purposes only and not investment advice.