Key Points of Vascon Engineers Stock Gain on Order Win:
- Vascon Engineers received a Letter of Acceptance worth Rs 158.09 crore from Uttar Pradesh Public Works Department for the construction of Jila Karagar at Amethi.
- The company has been awarded the contract for design, engineering, procurement and construction of the project on an EPC basis.
- The project must be completed within 18 months from the date of receipt of the Letter of Acceptance.
- Vascon Engineers saw its shares surge over 2% following the announcement of the Letter of Acceptance.
- The company’s stock was quoting at Rs 27.30, up Rs 0.62 or 2.32% on BSE.
- In the December quarter, the company reported a decline in quarterly net profit to Rs 15.89 crore, down 44.56% from the previous year.
- Despite the decline in net profit, the company reported an increase in net sales to Rs 254.02 crore in December 2022, up 48.88% from December 2021. This new contract is expected to drive growth for the company in the future.
Details of Vascon Engineers Stock Gain on Order Win:
Vascon Engineers Receives Rs 158.09 Crore LoA from Uttar Pradesh PWD for Construction of Jila Karagar at Amethi
Vascon Engineers, a leading engineering, procurement and construction (EPC) services provider, saw its shares surge over 2% in the afternoon session on March 23, following the receipt of a Letter of Acceptance (LoA) from the Uttar Pradesh Public Works Department (PWD) worth Rs 158.09 crore.
According to a filing made with the stock exchange, Vascon Engineers has been awarded the contract for the design, engineering, procurement and construction of Jila Karagar at Amethi in Uttar Pradesh on an EPC basis by Superintending Engineer PMGSY Circle, U.P.P.W.D, Prayagraj, Uttar Pradesh. The company has to complete the project within 18 months from the date of receipt of LoA.
At 12:10 hrs, Vascon Engineers was quoting at Rs 27.30, up Rs 0.62 or 2.32% on BSE. The stock touched an intraday high of Rs 27.71 and an intraday low of Rs 26.61.
In the December quarter, the company reported quarterly net profit of Rs 15.89 crore, down 44.56% from Rs 28.66 crore in December 2021. However, net sales for the firm came in at Rs 254.02 crore in December 2022, up 48.88% from Rs 170.62 crore in December 2021.
With this new contract, Vascon Engineers is expected to consolidate its position as a key player in the EPC services sector, and drive growth for the company in the coming quarters.
About Vascon Engineers:
Vascon Engineer, with over 25 years of experience, is listed on both BSE and NSE. The company is involved in the conception, development, construction, and management of diverse projects across various sectors such as residential, industrial, IT parks, hospitality, malls, and multiplexes.
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