Tag: PSP Projects

PSP Projects secures new order worth ₹230 crore for construction of mall and multiplex in Gujarat

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Construction firm PSP Projects Ltd on Tuesday announced receiving a new work order worth nearly ₹230 crore for the construction of a mall and multiplex in Surat, Gujarat.

In a filing to the stock exchanges, the company said that it has received a project for the construction of a mall and multiplex for Thoth Mall and Commercial Real Estate Private Limited in Surat, Gujarat. The project is valued at ₹29.54 crore.

The project is slated for completion within a timeframe of 24 months, the company informed the bourses.

With the latest order, the total order inflow for the financial year 2024-25 to date stands at ₹236.32 crore, inclusive of small-value work orders totalling ₹6.78 crore, PSP Projects said in the exchange filing.

Recently, the company also announced that its Fund Raising Committee on April 26, 2024, approved the allotment of 36,41,791 equity shares of a face value of ₹ 10 each to raise funds through the qualified institutional placement (QIP) route. The shares were allotted to eligible qualified institutional buyers at an issue price of ₹670 per equity share, which includes a premium of ₹ 660 per equity share.

Notably, this price encompasses a discount of 1.84% (equivalent to ₹12.59 per equity share) on the floor price of ₹682.59 per equity share, as determined in accordance with SEBI ICDR Regulations. The aggregate amount raised through this Qualified Institutional Placement (QIP) amounts to ₹244 crore, the company informed the stock exchanges in a separate filing.

Offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in India, PSP Projects provides its services across the construction value chain. The company’s services range from planning and design to construction and post-construction work.

Shares of PSP Projects were trading flat at ₹675 apiece, down 0.05%, on the BSE at 1:21 PM.

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PSP Projects launches ₹244 crore QIP at ₹682.59 floor price

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PSP Projects Limited announced the launch of its qualified institutions placement (QIP) to raise ₹244 crore on Monday.

The company has fixed the floor price for the QIP at ₹682.59 per equity share, though it may offer a discount of up to 5% on the floor price to investors.

The QIP issue opens today and follows board approval on February 9 and shareholders’ nod through a postal ballot on April 4. PSP’s fund raising committee met on April 22 and approved the opening of the issue, the floor price, and the preliminary placement document.

“The relevant date for the QIP is April 22, 2024 as per SEBI regulations. We will file the preliminary placement document with the stock exchanges today,” said a statement.

The indicative issue price is ₹670 per share for the QIP through which PSP aims to raise around ₹244 crore. The construction firm’s shares closed at ₹695.70 on the BSE on Monday.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PSP Projects hits 52-week low despite winning new orders of ₹410 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PSP Projects Ltd shares dropped over 4% on Monday, recording a 52-week low of ₹637.75 per piece. The stock slipped even after the company won new work orders, totaling ₹410.06 crore.

PSP Projects closed trade at ₹649.75, down by 2.55% on BSE.

In an exchange filing, PSP Projects Ltd said that it has bagged a new work order valued at ₹333.06 crore in Gandhinagar, Gujarat, excluding taxes.

The total order inflow of PSP Projects stands at ₹3,422.91 crore so far in the financial year 2023–24 (FY24), or on a year-to-date (YTD) basis. This total also includes the additional scope of work, which also includes the scope of work worth ₹77 crore from the existing contracts.

As per the said work order, PSP Projects will be involved in the construction of ‘Fintech Building’ for Gujarat International Finance Tec-City Company Ltd located at GIFT City in Gandhinagar. The contract has been bagged under the Government Category, and the project is set to be completed within 36 months.

PSP Projects is an Ahmedabad-based multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, and residential projects in India.

Earlier this month on March 2, PSP Projects received two new work orders, cumulatively worth ₹386.24 crore in Gujarat.

The first project, valued at ₹268.11 crore was awarded for the construction and maintenance of the Human and Biological Gallery at Science City in Ahmedabad for the Gujarat Council of Science City, under the government category.

The other order was worth ₹118.13, awarded for the construction of the commercial building ORYX in GIFT City under the Institutional Category.

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PSP Projects aims to end FY24 with revenue of ₹2,500-2,600 crore

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ahmedabad-based PSP Projects is confident to end the current financial year (FY24) with revenue of ₹2,500-2,600 crore. Next year (FY25), the company is targeting ₹3,000 crore in revenue, said PS Patel, CMD & CEO of PSP Projects in an interview with CNBC-TV18.

The construction firm is also confident of crossing ₹3,000 crore of order inflow target for FY24 and expects ₹3,600 crore of order inflow for FY25.

PSP reported a 41% year-on-year (YoY) rise in consolidated net profit to ₹31 crore for the third quarter (Q3FY24). Revenue grew 41% to ₹705 crore. Earnings before interest, taxes, depreciation, and amortisation (EBITDA) was up 13% YoY at ₹69 crore. However, EBITDA margin compressed to 9.8% from 12.2% YoY.

On January 17, the company announced that it emerged as the lowest bidder for a project worth ₹630.9 crore from Rail Vikas Nigam Ltd (RVNL).

In a filing to the stock exchanges, the construction company said that it has secured the lowest bidder status (L1 bidder) for the project titled ‘Construction of Gati Shakti Vishwavidyalaya’ for Rail Vikas Nigam in Vadodara, Gujarat.

Patel also stated that the total value of projects for which the company stands as the lowest bidder amounts to ₹1,853.37 crore in the current financial year 2023–24, excluding goods and services tax (GST).

This was the second such project after it became the lowest bidder for a project worth ₹158.61 crore from the Gujarat government. The project was awarded by Gandhinagar Municipal Corporation for the ‘Civil, MEP, and Finishing Work for Development of Street’.

PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, and residential projects in India.

When asked if the Code of Conduct will impact business ahead of the General Elections of 2024, he said, “There will be a slowdown of 40-45 days.”

The market capitalisation of the company is ₹2,575 crore.

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PSP Projects gains over 3% on bagging nearly ₹445 crore dairy plant project in Gujarat

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PSP Projects Ltd gained more than 3% on Tuesday after the company announced that it emerged as the lowest bidder for the development of a dairy plant in Rajkot, Gujarat for a project worth nearly ₹445 crore.

The Ahmedabad-based construction firm informed the stock exchanges, in a filing on January 23, that it has secured the lowest bid (L1 bidder) in the project titled, ‘Development of a Dairy Plant’ in Gadhka, Rajkot.

The project has been awarded by the National Dairy Development Board, and is worth ₹444.63 crore excluding the GST, the company informed the bourses.

The company stated that the total value of projects for which it stands as a lowest bidder amounts to ₹2,298 crore for the current financial year 2023-24 (FY24). This project is in addition to the work orders received till date amounting to ₹1,060.3 crore for the said financial year.

PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, and residential projects in India.

PSP Projects emerged as the lowest bidder for a project worth ₹630.9 crore from Rail Vikas Nigam Ltd (RVNL). The project termed as ‘Construction of Gati Shakti Vishwavidyalaya’ was awarded by the railway company in Vadodara, Gujarat.

The company reported a consolidated net profit of ₹38.52 crore for the quarter ending September 2023, posting an impressive 78.78% higher than ₹21.55 crore in the same period last year. The net sales jumped 72.13% to ₹619.65 crore in Q2FY24 from ₹359.98 crore in the year-ago period.

Shares of the company traded at ₹764.40, up 0.49%, on BSE at 11:57AM.

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PSP Projects bags ₹631 crore contract from RVNL

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PSP Projects Ltd announced on Wednesday that it emerged as the lowest bidder for a project worth ₹630.9 crore from Rail Vikas Nigam Ltd (RVNL).

In a filing to the stock exchanges, the construction company said that it has secured the lowest bidder status (L1 bidder) for the project titled ‘Construction of Gati Shakti Vishwavidyalaya’ for Rail Vikas Nigam in Vadodara, Gujarat.

The Ahmedabad-based construction firm stated that the total value of projects for which the company stands as the lowest bidder amounts to ₹1,853.37 crore in the current financial year 2023–24, excluding GST.

Last month, PSP Projects emerged as the lowest bidder for a project worth ₹158.61 crore from the Gujarat government. The project was awarded by Gandhinagar Municipal Corporation for the ‘Civil, MEP, and Finishing Work for Development of Street’.

PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, and residential projects in India.

#JustIn | PSP Projects emerges as lowest bidder for project worth ₹631 cr from RVNL pic.twitter.com/FfES0MQ6Rz

— CNBC-TV18 (@CNBCTV18Live) January 17, 2024

PSP Projects reported a consolidated net profit of ₹38.52 crore for the quarter ending September 2023, posting an impressive 78.78% higher than ₹21.55 crore in the same period last year. The net sales jumped 72.13% to ₹619.65 crore in Q2FY24 from ₹359.98 crore in the year-ago period.

Its earnings before interest, taxes, depreciation, and amortisation or EBITDA made a sharp rise of 71.66% YoY to ₹78.55 crore in the quarter under review from ₹45.76 crore in the year-ago period.

Shares of the company traded flat, down 0.3%, at ₹740.35 apiece on BSE at 2:30 PM.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PSP Projects emerges lowest bidder for project worth over ₹158 crore in Gujarat

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PSP Projects Ltd announced on Friday that it emerged as the lowest bidder for a project worth ₹158.61 crore from the Gujarat government.

The Ahmedabad-based construction firm has secured the lowest bid (L1 bidder) for the project titled, ‘Civil, MEP & Finishing Work for Development of Street’ for Gandhinagar Municipal Corporation’. The project is worth ₹158.61 crore, excluding GST, the company said in a filing to the stock exchanges.

The company stated that the total value of projects for which it stands as the lowest bidder amounts to ₹1,222.47 crore for the current financial year 2023-24 (FY24). The latest order is in addition to the work orders received to date amounting to ₹1,060.3 crore for the said financial year.

PSP Projects reported last week that it secured the lowest bid for three significant projects in Gujarat, including a dam venture valued at around ₹400 crore, a ₹100 crore undertaking in Gandhinagar, and another project worth around ₹300 crore in Ahmedabad.

The company’s CMD and CEO, PS Patel exuded confidence that all three projects will be delivered in 24 to 30 months, and the margins will be around 11% to 12%.

PSP Projects reported a consolidated net profit of ₹38.52 crore for the quarter ending September 2023, posting an impressive 78.78% higher than ₹21.55 crore in the same period last year. The net sales jumped 72.13% to ₹619.65 crore in Q2FY24 from ₹359.98 crore in the year-ago period.

PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, and residential projects in India.

Shares of PSP Projects traded 0.48% higher at ₹765.7 apiece on BSE at 2:38 PM.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PSP Projects eyes 11-12% margin from new orders, hopes to end FY24 with ₹3,000 crore pipeline

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Ahmedabad-based construction firm, PSP Projects, has secured the lowest bid for three significant projects in Gujarat. The projects include a dam venture valued at around ₹400 crore, a ₹100 crore undertaking in Gandhinagar, and another project worth around ₹300 crore in Ahmedabad.

PS Patel, the company’s CMD and CEO is confident all these projects will be delivered in 24 to 30 months, and the margins will be around 11 to 12%.

PSP Projects is actively bidding for three additional projects, with the anticipation of closing the year with an order inflow surpassing ₹3,000 crore.

“The bid pipeline appears much stronger than what we were expecting. Infrastructure projects for airports, medical facilities, and tourism are among those we are bidding for. There is a high probability that we will be able to surpass the ₹3,000 crore milestone,” Patel said.

The market capitalisation of PSP Projects is  ₹2,768 crore and it competes with industry peers such as TARC, and Vascon Engineer.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PSP Projects share price: Stock gains on ₹101.67 crore order win from Gujarat govt

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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PSP Projects shares gained in intraday session on Thursday after the company announced receiving a work order for a project worth ₹101.67 crore in Gujarat.

In a filing to the stock exchanges, the construction company said that the Gujarat Biotechnology Research Centre (GBRC) at GIFT City in Gandhinagar, Gujarat, has awarded the company a work order worth ₹101.67 crore under the Government category.

The work order pertains to construction and maintenance of the main building of GBRC at GIFT City Gandhinagar, the company said.

The project is set to be completed within a period of 18 months, PSP Projects informed the bourses. The latest order has taken PSP Projects’ total order inflow for the current financial year 2023-24 (FY24) to ₹1,060.3 crore, so far in the year.

Further, the Ahmedabad-based construction company has been selected as the Lowest Bidder or L1 bidder for the ‘Development of Sabarmati Riverfront’ project offered by Ahmedabad Municipal Corporation in Ahmedabad, Gujarat. This project is worth ₹409.93 crore, excluding GST.

PSP Projects reported a consolidated net profit of ₹38.52 crore for the quarter ending September 2023, an impressive 78.78% higher than ₹21.55 crore in the same period last year. The net sales jumped 72.13% to ₹619.65 crore in Q2FY24 from ₹359.98 crore recorded in the year-ago period.

PSP Projects is a multi-disciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, and residential projects in India.

Shares of PSP Projects surged as much as 1.69% to hit a high of ₹786.85 apiece on BSE in intraday trade on Thursday after the announcement. However, shares of the construction major pared some gains and were trading 1% higher at ₹781 per piece at 3:10 pm on BSE.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

PSP Projects bags order worth over Rs 317 cr, total order inflow for FY23-24 at Rs 758.4 cr

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Construction company PSP Projects on Monday said that it has bagged a Rs 317.13 Crore order from Gujarat’s Narmada, Water Resources, Water Supply and Kalpsar Department for development of Dharoi Dam region as World Class Sustainable Tourist/Pilgrimage Destination. Following the news shares of PSP Projects are trading at Rs 756, up 1.38 percent from the previous close on the BSE.

The project also pertains to development of Road, Infrastructure & Adventure Water Sports Arena (Package –1) of the Dharoi Dam region. The Ahmedabad-based company has promised to execute the project within 18 months.

With the latest project, the total order inflow of the company has reached to Rs 758.4 crore for FY23-24. This is PSP Project’s second order in the month of May as earlier it had received work orders worth Rs 441.25 crore in government and institutional segment.

Also read: PSP Projects emerges lowest bidder for Rs 1364-crore Gujarat govt project

Last month, on March 15, while speaking to CNBC-TV18, the management of PSP Projects had mentioned that the company has surpassed earlier order inflow guidance of Rs 2,500 crore. The construction company has planned to execute overall order book of Rs 6,400 crore in 2-2.5 years.

Also read: PSP Projects wins work orders worth Rs 123 crore in Gujarat, shares end higher

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow