PSP Projects slips 4% after Q4 profit plunges 66%; check details here

PSP Projects stock fell as much as 4.27 per cent to hit an intraday low of Rs 656.20 per share

PSP Projects stocks fall: PSP Projects stock fell sharply after the company announced its Q4FY24 results during market hours, on Friday. The stock fell as much as 4.27 per cent to hit an intraday low of Rs 656.20 per share.

The construction company’s profit dropped 66 per cent to Rs 15.5 crore in the March quarter of financial year 2024 (Q4FY24), from Rs 46 crore in the same quarter a year ago (Q4FY23).

The company’s topline fell 8.5 per cent annually to Rs 667.8 crore in March quarter of FY24, from Rs 729.6 crore in the March quarter of FY23.

At the operating front, PSP Projects’ earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 35.5 per cent to Rs 51.8 core in Q4FY24, from Rs 80.6 crore in Q4FY23.

Ebitda margin, meanwhile, squeezed 330 basis points (bps) to 7.8 per cent in the March quarter of financial year 2024, as against 11.1 per cent in the March quarter of financial year 2023.

The company’s expenses rose 3.2 per cent to Rs 649.05 crore in the March quarter of FY24, as opposed to Rs 670.2 crore in the March quarter of FY23.

PSP Projects earnings per share (diluted) stood at 4.31 per share, as opposed to 12.78 in the same quarter a year ago.

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 2,663.93 crore, according to Bombay Stock Exchange (BSE).

The 52-week high of the stock is Rs 846 while its 52-week low is Rs 598 per share.

At 2:01 PM, shares of PSP Projects were trading 2.14 per cent lower at Rs 670.80  per share. By comparison, S&P BSE Sensex was trading 0.13 per cent higher at 75,514.30 levels.