Penny stock under Rs 10: Civil construction company reports 688 per cent jump in net profit and receives order worth Rs 117.92 crore from ONGC!
The stock is up 25 per cent in just 1 month and over 60 per cent in 3 months.
Madhav Infra Projects Limited, a leading civil construction company in India, has announced its Quarterly Results (Q1FY24) ended June 30, 2023 and received an order. Details below:
Consolidated Quarterly Results: The net sales increased by 51.34 per cent to Rs 119.36, the operating profit increased by 84.27 per cent to Rs 19.45 per cent and net profit skyrocketed by 688 per cent to Rs 7.70 crore. The EPS for Q1FY24 stood at Rs 0.31.
Order Update: The company received of letter of acceptance (LOA) for the design, engineering, procurement & supply, construction & installation, commissioning, associated transmission system and operation & maintenance of a 15 MW (AC) solar photovoltaic grid-connected power plant from Oil and Natural Gas Corporation Limited (ONGC)-Ankleshwar. The order is worth Rs 117,91,65,498 or Rs 117.92 crore and will be completed in 12 months from LOI.
On Monday, one of the Top Gainers in BSE, shares of Madhav Infra Projects Limited surged 5 per cent upper circuit to Rs 6.70 per share from its previous closing of Rs 6.39 per share. The stock’s 52-week high is Rs 6.88 and its 52-week low is Rs 3.55. The shares of the company saw a spurt in volume by more than 3.51 times on BSE.
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Madhav Infra Projects Limited is engaged in the business of infrastructure development and solar power generation. It is the in-house EPC arm of the Madhav group. The company has a market cap of Rs 180.62 crore. The net sales increased by 11.44 per cent to Rs 512.70 and net profit skyrocketed by 446.13 per cent to Rs 36.57 in FY23 over FY22.
The shares of the company have a PE of 5.56x and a ROE of 23 per cent. The stock is up 25 per cent in just 1 month and over 60 per cent in 3 months. Investors should keep an eye on this stock.
Disclaimer: The article is for informational purposes only and not investment advice.