Power Mech gets new order of Rs 563.23 crore

29 May 2024 , 04:05 PM

Power Mech Projects announced on Wednesday, May 29, that it has secured an order worth ₹563.23 Crore from Bharat Heavy Electricals Ltd (BHEL) for the Kaiga Atomic Power Project. The contract involves civil structural and architectural works for the turbine island package of 2×700 MWe PHWR Kaiga Atomic Power Project, Unit 5 and 6 in Karnataka. The company expects to complete the order within 32 months.

In the March quarter, Power Mech Projects reported a 13.1% increase in net profit, reaching ₹84.4 Crore compared to the previous year’s corresponding quarter. Revenue from operations also saw growth, rising by 10.9% to ₹1,301.5 Crore from ₹1,174.1 Crore in the corresponding period of the previous fiscal year.

At the time of writing, shares of Power Mech were trading at ₹4811 which is a 2.20% gain than the previous close. The stock has gained a 57% in the last one year, and 7.40% since the beginning of the year.

At the operating level, Power Mech’s EBITDA rose by 14.4% to ₹149.6 Crore in the fourth quarter of the fiscal year, up from ₹130.8 Crore in the year-ago period. The EBITDA margin for the reporting quarter was 11.5%, compared to 11.1% in the same period of the previous fiscal year. EBITDA stands for earnings before interest, tax, depreciation, and amortization.

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