Mumbai (Maharashtra) [India], February 18 (ANI/NewsVoir): BSE and NSE listed Construction giant, Generic Engineering Construction and Projects Ltd. (539407), w.e.f. 16th February 2021 amidst a select gathering got listed on The National Stock Exchange (NSE) with bell ringing ceremony.
Listing on NSE will benefit the company as it will lead to increased liquidity and trade volumes. . The company has recently bagged new work orders from various institutional projects and various leading international and Indian Corporates. With receipt of above, the total current outstanding order book as on December 2020 stands at Rs 1166.41 Crore.
The company's credit rating was upgraded from BBB-Stable to BBB Stable by Care Ratings and is sustained maintaining the same in this difficult COVID-19 phase.
On the receipt of the orders, Manish Patel, Managing Director said, "We are delighted with our new work order wins, especially as it comes at a time when the entire construction and real estate sector are passing through very challenging times. We are gradually scaling up our execution, post the graded lifting of lockdown. We expect the work to normalize in second half of this fiscal year. At the same time, to mitigate the issue of shortage of manpower, the company has started bidding for projects in the northern states of India, where the majority of labourers have migrated. We are also aggressively bidding for new projects, especially in the public sector, to build a robust order book, so that we can make up for the revenue lost during the lockdown, in the coming quarters.
Currently, for the company its residential segment (legacy business) contributes about 59.47 per cent, Residential (Govt and Semi Govt) includes 17.76 per cent of the revenue, commercial and industrial segment constitutes 9.19 per cent of revenue, special and Educational projects contribute the 9.01 per cent, while health and leisure contributes the remaining i.e. 4.57 per cent.
Most of our clients have provided the necessary extension in timelines for the completion of projects under construction. Also, major part of our order book constitutes of non-residential projects like warehousing, cold storages, factories, etc. which have not been significantly impacted by the pandemic. Importantly, one of our major residential projects, includes the construction of staff quarters for Maharashtra State Police Housing and Welfare Corporation Limited, which is for self-consumption. Despite the pandemic, the business opportunities in our operating region of MMR have remained promising and we expect the momentum of order inflow, especially in industrial, infrastructure and other sectors to continue. It is our continuous endeavour to add orders from existing and new clients, both in public and private sector and we are confident on further consolidating our order book."
Generic Engineering Construction and Projects Limited is engaged in the construction of residential, industrial, commercial and Institutional buildings with presence in Navi Mumbai and Mumbai Metropolitan Region (MMR). Generic offers general contracting, design-build; engineering, procurement and construction (EPC); and project management consultancy (PMC) services. Generic is hopeful and working hard on clocking the turnover to Rs 400 Crore plus PAT of approx 30 crores with a lower Debt Equity Ratio by FY 21-22.
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