Vascon Engineers Wins Rs 57.23 Crore Contract from Maharashtra Government
Vascon Engineers, a prominent civil construction company, has secured a significant letter of acceptance (LoA) worth Rs 57.23 crore from the Mumbai Metro Rail Corporation, Government of Maharashtra. The contract involves the construction of a commercial b
Vascon EngineersMaharashtra GovernmentConstructionReal EstateInfrastructureReal Estate MaharashtraOct 14, 2024
The work has been awarded on a percentage rate basis and is expected to be completed within 28 months from the date of receiving the LoA. This project represents a significant milestone for Vascon Engineers, further solidifying its reputation in handling complex and large-scale construction projects.
on Vascon Engineers\nVascon Engineers is a well-established company in the engineering, procurement, and construction (EPC) sector as well as in real estate construction and development. Their real estate portfolio includes a diverse range of projects such as residential and office complexes, information technology parks, industrial units, shopping malls, multiplexes, educational institutions, and hotels. The company has a strong track record of executing construction contracts, primarily for government departments and authorities.
Financial Performance\nDespite the recent challenges, Vascon Engineers has shown resilience in its financial performance. In the first quarter of fiscal year 2025, the company's consolidated net profit declined by 19.3% to Rs 9.60 crore, compared to Rs 11.90 crore in the same period of the previous fiscal year. However, net sales saw a substantial increase of 34.7% year-over-year, reaching Rs 275.47 crore in June 2024. This growth is a testament to the company's strong market position and its ability to secure and execute large contracts.
Future Outlook\nThe new contract from the Maharashtra Government is expected to further boost the company's financial performance and enhance its operational capabilities. It also aligns with the company's strategy of diversifying its project portfolio and strengthening its presence in the infrastructure development sector.
About Vascon Engineers\nVascon Engineers is a leading civil construction and real estate development company in India. The company has been instrumental in the development of various infrastructure and real estate projects across the country. With a focus on quality, reliability, and innovation, Vascon Engineers continues to deliver projects that meet and exceed client expectations.
Frequently Asked Questions
What is the value of the new contract awarded to Vascon Engineers?
The new contract awarded to Vascon Engineers is worth Rs 57.23 crore.
What does the contract involve?
The contract involves the construction of a commercial building in Kalbadevi for the rehabilitation of Metro Line 2/3 PAPs (Project Affected Persons).
Who awarded the contract to Vascon Engineers?
The contract was awarded by the Mumbai Metro Rail Corporation, Government of Maharashtra.
What is the duration of the project?
The project is expected to be completed within 28 months from the date of receipt of the letter of acceptance (LoA).
What is the financial performance of Vascon Engineers in Q1 FY25?
In Q1 FY25, Vascon Engineers' consolidated net profit declined by 19.3% to Rs 9.60 crore, while net sales increased by 34.7% to Rs 275.47 crore.
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