Vascon Engineers Surges 8% on Securing Rs. 357 Crore Order; Records 240% Growth in FY24

Vascon Engineers witnessed an 8 percent surge in its shares, reaching a high of Rs. 80.58 on the BSE during Tuesday's intra-day trades, following the announcement of a new order win totaling Rs. 356.78 crore. As of 10:40 AM, the stock traded 4.5 percent higher at Rs. 77.90, with around 1.54 lakh shares traded. Concurrently, the S&P BSE Sensex marked a 0.4 percent increase at 65,912.
According to a release to the BSE, Vascon Engineers has been awarded a Letter of Intent from the Municipal Secretary's Department of Pimpri-Chinchwad Municipal Corporation, Pune, for the construction of the General Hospital Building for PCMC Hospital Pimpri-Chinchwad, Pune (Maharashtra).
Earlier this month, the company had disclosed in an exchange filing that it secured its second Redevelopment Project for Prakash Co-Operative Housing Society, situated in Santacruz (West), Mumbai. The project encompasses a total construction area of approximately 211,000 square feet.
Despite reporting a 9.3 percent dip in net profit at Rs. 1.97 crore for the quarter ended September 2023 compared to Rs. 2.17 crore in the corresponding quarter the previous year, Vascon Engineers continues to strengthen its portfolio with significant project wins. The total income also witnessed a 3.4 percent year-on-year decline, amounting to Rs. 17.64 crore from Rs. 18.26 crore.
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