MBL Infrastructure hit an upper circuit of 5% at Rs 63.50 after the company has has received defect liability period completion certificate from PWD Haryana for the construction of various buildings Rajiv Gandhi Education City, Sonipat.
The client has already certified work valued at Rs 97,78,65,673 for the project.Surender Aggarwal, Executive Director, said, We have successfully completed each and every public interest project since the approval of the resolution plan, and the clients have released the bank guarantees. With the completion/handing over of various projects since the approval of the resolution plan, the qualifications/bidding capacity of the company has substantially increased.
With the implementation of the package/resolution plan by banks w.e.f. 04.09.2024 and availability of working capital facilities, bank guarantees/letters of credit and accounts of the company being upgraded to 'Standard' by the banks, the company will start bidding for the projects within its defined profitability priorities and obtain new projects in near future."
MBL Infrastructure provides integrated engineering, procurement, and construction (EPC) services for civil construction and infrastructure sector projects.
The company reported consolidated net profit of Rs 23.81 crore in Q2 FY25 as against net loss of Rs 11.09 crore posted in Q2 FY24. Revenue from operations jumped 57.35% year on year to Rs 32.95 crore in Q2 FY25.
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