EPC firm Man Infraconstruction Ltd (Man Infra) has posted over a twofold rise in its standalone net profit to Rs 66.53 crore in the quarter of the financial year 2024 on lower expenses.

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It had posted a net profit of Rs 29.81 crore during the fourth quarter of last fiscal, the company said in an exchange filing.

However, the company's total income fell to Rs 186.22 crore from Rs 370.47 crore in the January-March period of FY23.

Man Infraconstruction trimmed its expenses to Rs 114.90 crore from Rs 332.17 crore a year ago.

The company brought down its cost of materials to Rs 57.35 crore from Rs 265.93 crore in the fourth quarter of FY23.

The company is into verticals like ports, infrastructure, commercial projects, institutions, IT projects and futuristic lifestyle houses.

Company’s Performance over the last 4 years [FY21 to FY24]

- Total income risen from Rs. 452 crores to Rs. 1,360 crore

- Increase in PBT from Rs. 55 crores to Rs. 397 crores – by 93% CAGR

- PBT Margin surge from 12.1% to 29.2%

- Robust growth in PAT from Rs. 32 crores to Rs. 300 crores – by 111% CAGR

- MICL is one of the few Net-Debt Free companies in the Real Estate sector having cash and Bank balance of Rs. 741 crores providing considerable strength for future growth

- The forthcoming Rs. 407 crores from equity warrants holders of the preferential issue made in December 2023, will further enhance MICL's financial position for future project acquisitions

- Achieved Cash flow from Operations of Rs. 572 crores in FY24