Vascon Engineers revenue rises 46% yoy to Rs235 crore; Stock jumps 6%

9 Nov 2022 , 09:52 AM

Vascon Engineers Limited, an integrated EPC and Real Estate player has reported its financial results for the Quarter and Half Year ended September 30, 2022.

FINANCIAL PERFORMANCE HIGHLIGHTS:

For H1FY23

• Consolidated Total Income at Rs439 crore, up 60% yoy
• EBITDA at Rs47 crore, up 119% yoy; EBITDA Margin of 11% (6% in H1FY22)
• Net Profit at Rs33 crore as against a loss of Rs3.6 crore in H1FY22

For Q2FY23

• Consolidated Total Income at Rs235 crore, up by 46% yoy
• EBITDA of Rs29 crore, up 219% yoy; EBITDA Margin of 12% (8% in Q2FY22)
• Net Profit at Rs23 crore, up 571% yoy

Commenting on the Company’s Quarterly Performance Siddharth Vasudevan Moorthy, Managing Director, Vascon Engineers Ltd said, “We are very happy to share our performance in both EPC and Real Estate front. With all major EPC projects operating smoothly, we are seeing consistent improvement in EPC execution in last few quarters, and we hope to sustain this momentum going forward.

Our Forest County project has contributed positively to Net Profit as well as cashflow of the company. We have registered significant growth in earnings despite multiple headwinds faced by construction sector like higher raw material and commodity prices. With the strengthening of balance sheet, we have received Credit Rating of BBB from CRISIL and we hope that it will improve further in next review.

Going forward, we are quite positive of maintaining current momentum in business.”

At around 9:56 AM,  Vascon Engineers Ltd is currently trading at Rs33 per share up by Rs2 or 6.45% from its previous closing of Rs31 per share on the BSE.

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