ITD Cementation India Ltd. has bagged an order worth Rs 1,648 crore for works related to the Vadhavan port, which is a greenfield port located in northern Maharashtra's Dahanu.
The company has secured the contract for "construction of near shore reclamation and shore protection for the greenfield Vadhavan port at Dahanu," an exchange filing stated on Tuesday.
The contract price excludes goods and services tax and comes under the company's regular business activities, the filing added.
Earlier in September, the company received a contract valued Rs 1,937 crore for the construction of a multistoried commercial building in Uttar Pradesh.
In October, ITC Cementation announced that its promoter Italian-Thai Development Public Co. will sell its 46.64% stake in the company to Adani Group unit Renew Exim DMCC. It was also stated that Renew Exim DMCC will pick up another 26% stake in the engineering and construction company through an open offer.
ITD Cementation India Q2 Performance
ITD Cementation India recorded a net profit of Rs 72 crore, representing a 34.3% rise in the second quarter of the current fiscal 2025 as compared to Rs 53.6 crore for the same period last year.
The company's revenue surged by 23.6% to Rs 1,991 crore for the July-September quarter as against Rs 1,610.4 crore in the year-ago period.
The construction firm's earnings before interest, taxes, depreciation and amortisation soared to Rs 181.7 crore, showing a 15% rise in the three months ended Sept. 30, 2024, as contrast to Rs 158 crore in the same quarter of the previous fiscal year.
The company's Ebitda margin was at 9.1% in the second quarter compared to 9.8% in the corresponding period in the previous fiscal.
Shares of ITD Cementation closed 0.97% higher at 538.15 per share on the National Stock Exchange on Tuesday. In contrast, the benchmark Nifty 50 ended flat.
The company's stock has risen by 85.47% in the last 12 months, and by 88.39% on a year-to-date basis.
Out of the four analysts monitoring the company, two have a 'buy' rating on the stock, one maintains 'hold,' and one recommends a 'sell' rating, according to Bloomberg data. The average of 12-month analysts' price targets suggests a potential upside of 9.2%.
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