Rs 1,237 Crore Construction Contract Secured: FIIs Holding Highest in Stock with Record Profit Reported in FY24
Stock price is up by 178.18 per cent in the last year, resulting in multibagger returns for shareholders
On Monday, the Nifty climbed close to the psychological 25,000 mark but couldn't sustain it amid profit booking at higher levels. At the end of the session, the index closed marginally higher by 1.25 points at the 24,836.10 level. As the close was lower than the open level, the Nifty formed a bearish candle on the daily chart, indicating some nervousness among market participants. However, one stock that could command attention on Tuesday, July 30, 2024, is ITD Cementation India.
The company has secured a contract for constructing a residential colony in New Delhi (Phase II) worth approximately Rs 1,237 crore. As of March 2024, the company has an order book of Rs 19,918 crore, having secured orders worth over Rs 6,900 crore between April 2023 and March 2024. The clientele comprises Government (49 per cent), PSU (18 per cent), and the Private Sector (33 per cent).
In FY24, the company reported a record profit of Rs 274 crore and revenue of Rs 7,718 crore, with an operating margin of 10 per cent. The company has reported compounded sales growth of 41 per cent. Interestingly, as of the quarter ended June 2024, FIIs hold a 20 per cent stake in the company, a record high since September 2021 when the holding stood at 10.35 per cent.
ITD Cementation India is expected to announce its earnings on August 7, 2024. Shares of ITD Cementation are up by 178.18 per cent in the last year, resulting in multibagger returns for shareholders. ITD Cementation India is part of the Thailand-based ITD Thai Group.
Disclaimer: The article is for informational purposes only and not investment advice.