January 17, 2024
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PSP Projects bags Rs.631 crore contract from RVNL
PSP Projects Ltd announced on Wednesday that it emerged as the lowest bidder for a project worth Rs.630.9 crore from Rail Vikas Nigam Ltd (RVNL).
In a filing to the stock exchanges, the construction company said that it has secured the lowest bidder status (L1 bidder) for the project titled ‘Construction of Gati Shakti Vishwavidyalaya’ for Rail Vikas Nigam in Vadodara, Gujarat.
The Ahmedabad-based construction firm stated that the total value of projects for which the company stands as the lowest bidder amounts to Rs.1,853.37 crore in the current financial year 2023–24, excluding GST.
Last month, PSP Projects emerged as the lowest bidder for a project worth Rs.158.61 crore from the Gujarat government. The project was awarded by Gandhinagar Municipal Corporation for the ‘Civil, MEP, and Finishing Work for Development of Street’.PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, and residential projects in India.
PSP Projects reported a consolidated net profit of Rs.38.52 crore for the quarter ending September 2023, posting an impressive 78.78% higher than Rs.21.55 crore in the same period last year. The net sales jumped 72.13% to Rs.619.65 crore in Q2FY24 from ?359.98 crore in the year-ago period.
Its earnings before interest, taxes, depreciation, and amortisation or EBITDA made a sharp rise of 71.66% YoY to Rs.78.55 crore in the quarter under review from ?45.76 crore in the year-ago period.
Shares of the company traded flat, down 0.3%, at Rs.740.35 apiece on BSE at 2:30 PM.
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