Rs 40 Crore Revenue Expected: Multibagger Stock Hits 52-Week High on Major Re-Development Deal

The stock has delivered multibagger returns of 197.37 per cent over the past year and has gained 137.13 per cent on a year-to-date basis.

On Wednesday, Indian benchmark indices are trading positively, with the Nifty50 index reaching a new all-time high by surpassing the 25,100 mark for the first time ever.

Among the stocks making headlines, Meghna Infracon Infrastructure Limited has also hit a fresh all-time high, with its shares rising by 1.13 per cent to reach Rs 544.95. The stock has delivered multibagger returns of 197.37 per cent over the past year and has gained 137.13 per cent on a year-to-date basis.

Meghna Infracon Infrastructure Limited, a emerging name in real estate development, especially in the residential sector of the Western Mumbai region, recently entered into a Re-Development Agreement for a residential project in the prime locality of Medel Town, Lokhandwala, Andheri (West), Mumbai. The project, spanning approximately 35,000 square feet, is expected to generate revenue of Rs 400 million after the original tenants are relocated.

Speaking about this development, Mr. Vikram Jayantilal Lodha, Managing Director, stated, “This development aligns seamlessly with our commitment to creating iconic projects that offer a superior living experience. We look forward to delivering yet another benchmark project that reflects our dedication to excellence.”

Recently, the company reported impressive financial results for the quarter ending June 30, 2024. The revenue for Q1FY25 stood at Rs 905 lakhs, up from Rs 710.21 lakhs in Q4 FY24. Profit Before Tax (PBT) for Q1FY25 was Rs 164.37 lakhs, compared to Rs 67.31 lakhs in Q4 FY24, while Profit After Tax (PAT) was Rs 160.83 lakhs, up from Rs 58.01 lakhs in the previous quarter.

In addition, Meghna Infracon announced the acquisition of a luxury residential project, "Rivaan," located in Goregaon (West), Mumbai. The project, covering a development area of 95,000 square feet, has achieved significant milestones, with approximately 25 per cent of the inventory sold within six months of its launch. This success highlights the strong brand presence of Meghna Infracon in the competitive Mumbai real estate market.

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