ITD Cementation hits record high on bagging Rs 3,290 crore marine contract
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Shares of ITD Cementation India soared 14 per cent to hit a new high of Rs 247.4 on the BSE in Friday’s intra-day trade amid heavy volumes after the company secured a marine contract worth approximately Rs 3,290 crore excluding GST.
The stock surpassed its previous high of Rs 219.75, which it had touched on August 24. As of 9:54 am, the average trading volumes on the counter jumped over four-fold as around 8.2 million shares, which represented 4.4 per cent of ITD's total equity, changed hands on the NSE and BSE.
So far in the financial year 2023-24, the stock price of the company has more-than-doubled or zoomed 136 per cent.
ITD Cementation India is one of the leading Engineering and Construction Companies undertaking heavy civil, infrastructure and EPC business that operates in India with an established presence and expertise in maritime structures, mass rapid transit systems, airports, hydro-electric power, tunnels, dams & irrigation, highways, bridges & flyovers, industrial buildings and structures, foundation & specialist engineering.
On August 10, ITD Cementation India, in joint venture with Transrail Lighting, secured a contract in Bangladesh for design, supply, installation, testing and commissioning of Jamuna river crossing portion of Bogura-Kaliakair 400 kV double circuit transmission line on turnkey basis (Package-01, Lot-03) from Power Grid Company of Bangladesh (PGCB) worth ~$205 million excluding taxes and duties.
In the June-ended quarter (Q1FY24), ITD Cementation posted highest ever quarterly revenue of Rs 1,833 crore, up 67 per cent over the previous year quarter. Profit after tax (PAT), too, jumped 73 per cent year-on-year (YoY) to Rs 52 crore. The company’s consolidated order book stood at Rs 18,517 crore at the end of Q1FY24.
The government enhanced push towards infrastructure development, as reflected in the Union Budget 2023-24, in order to enable the company to participate in the upcoming opportunities in the sector.
The company said that it will continue to focus on efficient capital allocation, quality of order book, diversified clientele, geographies, investment in talent pool, advanced technologies and unlock efficiencies to deliver robust performance and generate long-term business value.
"The company's expertise and experience in executing projects with excellence have helped the company earn a reputation as one of the preferred contractors in the infrastructure sector," the management added.
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