So far in the fiscal year 2023-24, the company’s stock price has more than quadrupled or skyrocketed 136%.
ITD Cementation India’s shares surged 14% to a record high of Rs 247.4 on the BSE in Friday’s intraday trade amid significant volumes after the business got a marine contract worth roughly Rs 3,290 crore excluding GST.
The stock topped its previous high of Rs 219.75, set on August 24. As of 9:54 a.m., typical trading volumes on the counter had more than quadrupled, with about 8.2 million shares changing hands on the NSE and BSE, representing 4.4 percent of ITD’s total equity.
So far in the fiscal year 2023-24, the company’s stock price has more than quadrupled or skyrocketed 136%.
ITD Cementation India is one of India’s leading Engineering and Construction Companies, 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 collaboration with Transrail Lighting, received a contract from Power Grid Company of Bangladesh (PGCB) for the design, supply, installation, testing, and commissioning of the Jamuna river crossing portion of the Bogura-Kaliakair 400 kV double circuit transmission line on a turnkey basis (Package-01, Lot-03) worth $205 million excluding taxes and duties.
ITD Cementation reported its highest-ever quarterly revenue of Rs 1,833 crore in the June-ended quarter (Q1FY24), up 67% over the previous year’s quarter. Profit after tax (PAT) increased by 73% year on year (YoY) to Rs 52 crore. At the conclusion of Q1FY24, the company’s consolidated order book stood at Rs 18,517 crore.
The government increased its drive for infrastructure development, as represented in the Union Budget 2023-24, to enable the enterprise to engage in the sector’s impending possibilities.
To produce robust performance and build long-term business value, the firm said it will continue to focus on effective capital allocation, order book quality, varied clients, geographies, investment in the talent pool, sophisticated technology, and unlock efficiencies.
“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.
