ARSS Infrastructure Projects, which got listed on the bourses today, expects an over Rs 2,000 crore order from Orissa by FY 10 and is optmistic about bagging orders from South Korean steelmaker Posco, a top company official said.
"As of now, we are having an order-book of Rs 3,500- crore. We expect a more than Rs 2,000-crore order from Orissa by FY 10 and we are optimistic of getting a big order from Posco," ARSS' President and Chief Executive Officer, Sunil Agarwal, told reporters here today.
South Korean major, Posco, has inked a deal with the Orissa Government to set up a Rs 54,000-crore steel plant in the state, the biggest FDI project in India.
"At the time we filed the prospectus, our order-book was Rs 2,877-crore. We have added another Rs 700-crore of orders and this is to be executed within 18-20 months," Agarwal said.
The Orissa-based construction company aims to end this fiscal with a turnover of Rs 1,050 crore and is aiming for a Rs 1,500-crore turnover in the next fiscal.
"We should attain a turnover of Rs 1,050-crore by end of March 2010 and our profit should be around Rs 100-crore," he said.
Agarwal said the company has bid for Rs 5,500-crore of tenders.
"We expect to get the final results within next two months (for our bids)," he said, adding "Orissa will be our major business area in future."
Shares of ARSS Infrastructure Projects today listed on the BSE at a premium of 42 per cent at Rs 711 as against its issue price Rs 450 per share.
On the NSE, its stock opened up 40 per cent at Rs 630.
The company had generated a robust demand on the final day of the offer with investors bidding for over 47 times the shares on offer. Its issue which opened on February 8 closed on February 11.
The company had raised Rs 103-crore through its IPO last month which had received an overwhelming response from investors.
"The proceeds will be used for funding long-term working capital," Agarwal said.
The company is engaged in the business of construction activities and it undertakes construction of railway infrastructure, roads, highways, bridges and irrigation projects.
