 "PSP Projects share rises over 5% on securing order worth Rs 270 crore")
PSP Projects shares gain: Shares of construction company PSP Projects gained up to 5.47 per cent to hit an intraday high of Rs 667 per share.
The uptick in PSP Projects share price came after the company announced that it has bagged an order worth Rs 270 crore from domestic entities.
In an exchange filing, PSP Projects said, “We are pleased to inform you that the company is in receipt of work order for construction of high rise residential tower “SIBAN” at GIFT City, Gandhinagar worth Rs 269.55 crore (excluding GST) in Residential Category.”
The project is expected to be completed within a period of 31 months. Additionally, the company claimed that the order will be executed within the country
The total order inflow for the financial year 2024-25 (FY25) till date stands at Rs 1,714.46 crore, including today’s order.
PSP Projects financial performance
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PSP Projects posted a standalone net profit of Rs 34.3 crore in Q1FY25, marking a 6.8 per cent fall against a profit of Rs 36.7 crore in Q1FY24.
The topline or revenue from operations came in at Rs 611.9 crore in Q1FY25, up 20.1 per cent year-on-year (Y-o-Y).
Profit before tax and exceptional items stood at Rs 47.29 crore in Q1FY25, down 4.3 per cent from Rs 49.4 in Q1FY24.
PSP Projects offers construction and allied services for industrial, institutional, government, government residential, and residential projects. The company provides construction value from planning and design to construction and post-construction activities.
The market capitalisation of PSP Projects is Rs 2,611.20 crore, according to BSE. The 52-week high of PSP Projects stock is Rs 815 while its 52-week low is Rs 598 per share.
At 1:35 PM, PSP Projects shares were trading 4.17 per cent higher at Rs 658.70 per share. By comparison, S&P BSE Sensex was trading 0.69 per cent higher at 81,613.04 levels.