Power Mech Projects gains 4 per cent on order win

Power Mech Projects has received a Letter of Intent/Work Order for two projects worth Rs. 412 crore. The project is for civil works in Maharashtra and Karnataka.

The first project is for Civil, Structural and Architectural works for main plant in Maharashtra with total contract price of Rs 285.50 crore and likely to be completed within a period of 40 months, said the company in a filing to the exchange.

Another project is for Design, Fabrication, Supply & Erection of Prefabricated Steel Structures at Vijaynagar, Bellary, Karnataka for a total contract price of Rs. 126.5 crore and likely to be completed within a period of 12 months.

The company’s order book as on FY19 was at Rs. 7,407 crore which translates to a book-to-bill of 3.3x on FY19 revenue giving strong revenue visibility for the next 3-4 years.

Power Mech Projects is an integrated power infrastructure services company. The company's operations include three business lines: Erection Works, Operation & Maintenance (O&M) Services and Civil Works.

Cheering the order win, the stock jumped by 4 per cent and made an intraday high of Rs. 1,035.90 per share on the BSE. At 11:53 hours, the stock was trading nearly at Rs. 1,012.20. The stock had hit its 52-week high of Rs. 1,164.15 on May 29, 2019 and its 52-week low of Rs. 775.35 on October 8, 2018 on the BSE.