Vascon Engineers Wins Rs 57.23 Crore Contract from Mumbai Metro Rail Corporation
Vascon Engineers, a small-cap engineering company based in Pune, has secured a Rs 57.23 crore contract from the Mumbai Metro Rail Corporation for the construction of a commercial building. The project is part of the rehabilitation efforts for Metro Line 2
Vascon EngineersMumbai Metro Rail CorporationConstruction ProjectEngineeringReal Estate DevelopmentReal Estate MumbaiOct 14, 2024
Vascon Engineers Ltd has received a Letter of Acceptance worth Rs 57.23 crore (excluding GST) from the Mumbai Metro Rail Corporation Limited, a government body under the Government of Maharashtra. The contract is for the construction of a commercial building at Kalbadevi (K2) on multiple plots (CS No. 663, 664, 665, 1/665, 666, 667, 669, 671 & 774) in the Bhuleshwar Division, ‘C’ Ward. This project aims to rehabilitate the Metro Line 2/3 Project-Affected Persons (PAPs) at Kalbadevi and Girgaon. The project is awarded on a percentage rate basis and is expected to be completed within 28 months from the receipt of the Letter of Acceptance, which was dated October 10, 2024, and received on October 11, 2024.
The company's shares saw a significant rally, closing at around Rs 63.37, a 3 per cent increase from the previous day. The current market capitalization of Vascon Engineers stands at Rs 1,418 crore. Over the past two years, the company's shares have delivered an impressive return of over 130 per cent.
In the first quarter of FY25, Vascon Engineers recorded a revenue of Rs 275.417 crore, a significant increase from Rs 204.46 crore in the previous year. The operating profit was Rs 18.92 crore, and the net profit stood at Rs 9.60 crore, compared to Rs 11.90 crore in the previous year. Annual performance data shows that in FY24, the company generated a revenue of Rs 1053 crore, up from Rs 1019 crore in the previous year. The operating profit for FY24 was Rs 86 crore, and the net profit was Rs 69 crore, compared to Rs 99 crore in FY23.
Disclaimer This article is for informational purposes only and should not be construed as investment advice.
Frequently Asked Questions
What is the total value of the contract awarded to Vascon Engineers by the Mumbai Metro Rail Corporation?
The total value of the contract awarded to Vascon Engineers by the Mumbai Metro Rail Corporation is Rs 57.23 crore (excluding GST).
What is the purpose of the commercial building project at Kalbadevi?
The commercial building project at Kalbadevi is part of the rehabilitation efforts for the Metro Line 2/3 Project-Affected Persons (PAPs) at Kalbadevi and Girgaon.
How long is the project expected to take to complete?
The project is expected to be completed within 28 months from the receipt of the Letter of Acceptance, which was dated October 10, 2024, and received on October 11, 2024.
What is the current market capitalization of Vascon Engineers?
The current market capitalization of Vascon Engineers stands at Rs 1,418 crore.
What was the revenue of Vascon Engineers in the first quarter of FY25?
In the first quarter of FY25, Vascon Engineers recorded a revenue of Rs 275.417 crore.
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