Rs 728 crore order book: Debt-free civil construction company completes 7.2 lakh sq. ft. ‘Atmosphere O2’ project ahead of schedule and achieves near full sales
The company's shares have an ROE of 25 per cent and an ROCE of 30 per cent.
Man Infraconstruction Limited (MICL Group), a prominent player in the luxury residential real estate sector, has secured the Occupancy Certificate (OC) for the F-wing of its prestigious "Atmosphere O2" project in Mulund West, Mumbai within 3.5 years of its launch. This milestone is part of MICL Group’s consistent track record, having successfully delivered 2.8 million square feet of carpet area ahead of schedule, showcasing its expertise and commitment to timely project completion.
The Atmosphere O2 project spans 7.2 lakh square feet of RERA carpet area and 18.6 lakh square feet of construction area, featuring three 47-storey residential towers and an 18-storey commercial tower. The project with a revenue potential of about Rs 1,650 crore is almost sold out and has made a total collection of about Rs 1,475 crore as of Sep-24 from its bookings. This reflects the overwhelming demand and confidence that buyers have placed in MICL Group's premium offerings.
Following the resounding success of Atmosphere (Phase 1), Atmosphere O2 has emerged as one of the most sought-after gated community projects in Nahur, Mulund West. Launched in November 2019, MICL Group delivered Towers D & E in September 2023, followed by the completion of Tower F in September 2024.
About the Company
Man Infraconstruction Ltd, a Mumbai-based company listed on both NSE (MANINFRA) and BSE (533169), specializes in EPC (Engineering, Procurement, and Construction) and Real Estate Development. With a 50-year EPC history and strong execution in ports, residential, commercial, industrial, and road sectors across India, ManInfra also excels in Mumbai's real estate market, delivering high-quality residential projects on time. Its construction management expertise and resources make it a capable real estate developer. As of June 2024, the company’s order book stands at Rs 728 crore. The company has a market cap of over Rs 7,000 crore and has delivered good profit growth of 48.3 per cent CAGR over the last 5 years. The company's shares have an ROE of 25 per cent and an ROCE of 30 per cent.
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MICL Delivers Strong Q1FY25 Performance
MICL has reported robust performance in the first quarter of the financial year 2025. The company achieved a sales value of Rs 691 crore, surpassing its annual sales of Rs 744 crore in FY24. This impressive feat is coupled with a remarkable increase in consolidated PBT margins from 21.7 per cent in Q1FY24 to 30.7 per cent in Q1FY25.
Financial Performance and Outlook
MICL's financial health is robust, with a total income of Rs 368.4 crore and a PBT of Rs. 113.2 crore in Q1FY25. The company's PAT stands at Rs 77.5 crore and it maintains a net-debt-free position with a cash and bank balance of Rs 487 crore. MICL has invested over Rs 1,000 crore in its real estate projects and generated a cash flow from operations of Rs 321 crores during the quarter.
With a strong project pipeline and a solid financial foundation, MICL is well-positioned for future growth. The company's prestigious projects, such as Aaradhya Avaan in Tardeo and Aaradhya OnePark in Ghatkopar, have significant revenue potential. Upcoming projects in Goregaon, Marine Lines, BKC, Pali Hill, Vile Parle and Dahisar further solidify MICL's position as a leading real estate developer in Mumbai.
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Disclaimer: The article is for informational purposes only and not investment advice.