700 per cent returns: This small-cap multibagger civil construction company is all set for new project; hits new 52-week high
MICL Group plans to build a luxury residential project in Ghatkopar East, Mumbai
On Tuesday, the shares of Man Infraconstruction Limited soared by 2.29 per cent, to hit a fresh 52-week high of Rs 102.07 per share on BSE.the scrip witnessed a massive spurt in volume by more than 1.33 times. The shares are currently trading at Rs 100.85 per share on BSE.
MICL Group plans to build a luxury residential project in Ghatkopar East, Mumbai, with a saleable carpet area of around 4 lakh square feet and the potential to produce Rs 1200 crore in revenue over the next four years.
The company’s results are as follows:
Consolidated Quarterly Results: The net sales skyrocketed by 157.57 per cent and operating profit reported a magnificent jump of 125.45 per cent in Q4FY23 over Q4FY22. PAT stood at Rs 92 crore, up by 124.39 per cent over last year same quarter.
Consolidated Annual Results: The net sales increased by 96.67 per cent in FY23 over FY22. In FY23, profit before tax was recorded at Rs 397 crore, while profit after tax was reported at Rs 289 crore.
Commenting on this development, Manan P Shah, Managing Director of Man Infraconstruction Limited said, "We proudly announce this latest addition to our portfolio - an extraordinary grandiose development that epitomises elegance and exclusivity. This landmark cluster redevelopment under Regulation 33(9) of the new development regulations encompasses a saleable carpet area of "' 4 lakh sq. ft. which will set new standards in opulent living. The total construction area of "' 13 lakh sq. ft. to be undertaken by Man Infraconstruction Limited is expected to be completed within 3.5 to 4 years; showcasing our commitment to timely excellence. This development will reflect a realm of community living and green living. Our unwavering commitment to craftsmanship and attention to detail will establish this development as an icon of grandeur and sophistication. This acquisition aligns with our asset-light strategy, strengthening our financial position. With our expertise in construction and development, we are excited to create an iconic masterpiece that will stand the test of time."
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Man Infraconstruction Limited (MICL) is a fully integrated EPC (Engineering, Procurement and Construction) firm with experience and execution capabilities in the port, residential, commercial and industrial and road construction segments. The stock has given multibagger returns of more than 700 per cent in last 3 years and a whopping 200 per cent returns in past five years.
Investors should keep an eye on this Small-Cap stock.