Diversified business conglomerate MARG Group, a predominant player in various verticals in the southern region of the country, today said its is foraying into North India with a slew of projects worth Rs 700-800 crore as part of establishing a pan-India presence.
"We are doing projects in Delhi and doing another project in Lucknow. Besides, we are doing one in the National Capital Region. Totally, these should be (worth) around Rs 700-800 crore," MARG Chief Executive (EPC), Industrial Project, Suresh Kumar told reporters here.
Asked how they would expand their presence in the Northern region, the company's Executive Director (EPC) Munavar Sheriff told PTI they would establish themselves in the areas where they have a presence. "We are doing projects in Delhi, NCR, and in UP. That is our plan. Our vision is to have a pan-India presence," he said.
Kumar said the company has had a presence in north India for more than a year, with the majority of the projects they are involved in being construction activities.
"We are constructing a housing board project, a hospital, a married accommodation, Defence quarters in Delhi. Similarly in Lucknow we are doing a housing project," he said.
Sheriff said MARG, across its verticals currently has around Rs 3,600 crore worth projects in hand and had also secured an external order worth Rs 765 crore.
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MARG Chairman and Managing Director G R K Reddy told reporters they may take their Group entity, Karaikal Port Private Ltd, to the capital market by next year.
"May be in one year (it should get listed)," Reddy said.
Reddy along with senior company officials was here to announce the third quarter results for the period ending December 31, 2010.
MARG today reported a 19% growth on their net profits at Rs 15.9 crore for the third quarter ending December 31, 2010 as against their net profits at Rs 13.4 crore registered over the previous quarter.
The EBITDA (Earnings Before Interests, Taxes, Depreciation and Amortisation) also grew by 17% at Rs 35.3 crore for the third quarter ending December 31, 2010 as against Rs 30.1 crore registered during the previous quarter.
"Our results for the quarter ending December 31, 2010 are very encouraging. Despite the challenging business environment, our income has increased by a healthy 37%," Reddy said.
In 2009-2010 the company reported revenues of Rs 702.78 crore with a Compound Annual Growth Rate (CAGR) of 82% growth during the past three years.