PSP Projects surges 3 per cent on receiving order

PSP Projects, the Gujarat-based construction company, jumps around 3 per cent on securing orders amounting to Rs. 572.17 crore across various segments.

The order win comprises of Rs. 535.53 crore from Sumer Corporation for construction of Rehab Building at Chandivali, Mumbai for Slum Rehabilitation Authority (SRA) and Rs. 36.64 crore from Zydus Cadila Group, Torrent Pharmaceuticals Limited and Corona Remedies Private Limited.

PSP Projects' total work orders on a standalone basis stood at Rs. 1,376.79 crore, till date in FY19. While as on September 30, the company's order book stood at Rs. 2,576 crore, which are to be executed in the next 24 to 30 months.

In Q2FY19, the company posted revenue from operations at Rs. 209.95 crore, as against Rs. 139.55 crore in Q2FY18, which is a growth of 50 per cent YoY. While EBITDA was at Rs. 29.38 crore, as against Rs. 18.64 crore, up 58 per cent YoY. The company's PAT for Q2FY19 was at Rs. 17.86 crore, as against Rs. 12.67 crore in Q2FY18, up 41 per cent YoY.

Meanwhile, on Monday, the stock of PSP Projects jumped nearly 3 per cent and made an intraday high of Rs. 413.50 on the BSE. At 11:40 hours, the stock was trading at Rs. 410 on the BSE. The company had hit its 52-week high of Rs. 596 on April 24, 2018 and its 52-week low of Rs. 358.70 on October 31, 2018 on the BSE.