Power Mech Projects (PMPL) added 2.05% to Rs 1860 after the company announced the receipt of a letter of award (LOA) worth Rs 499.41 crore from Sangalore Metro Rail Corporation (SMRCL).
The contract is for the construction of depot cum workshop at Challaghatta in reach-2 Extension of Sangalore Metro Rail Project, Phase-2.
This project has been awarded to RITES- PMPL JV, a joint venture of Rites and Power Mech Projects, with 51:49 sharing.
Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.
The company's consolidated net profit surged 25.6% to Rs 39.49 crore on 19.9% jump in net sales to Rs 746.61 crore in Q1 FY23 over Q1 FY22.
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