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ITD Cementation Secures ₹1,237 Cr Order Amid Promoter Divestment Talks

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Synopsis:

ITD Cementation wins a ₹1,237 crore contract for a New Delhi residential project amid promoter divestment talks. The company's order book as of March 2024 stood at ₹19,918 crore. Investors keenly await ITD Cementation’s earnings announcement on August 7, 2024.

ITD Cementation News Today

ITD Cementation India Ltd., a prominent engineering and construction company, has announced securing a significant contract worth ₹1,237 crore for constructing a residential colony in New Delhi.

Recent Contract Wins

Earlier, on June 26, ITD Cementation secured a substantial marine contract valued at approximately ₹1,082 crore. This contract involves the construction of a third berth and additional works at the Dahej LNG terminal in Gujarat.

Promoter Divestment Discussions

On July 3, ITD Cementation disclosed that its promoter shareholder, Italian Thai Development Public Co., holding a 46.64% stake, is exploring a potential divestment. As of July 3, this stake was valued at ₹4,596.89 crore, indicating a significant potential shift in the company’s ownership structure.

Financial Performance and Stock Movement

The company has demonstrated strong financial performance, with a record profit of ₹274 crore and revenue of ₹7,718 crore in FY24, reflecting an operating margin of 10%. ITD Cementation's compounded sales growth stood at an impressive 41%.

The company's order book as of March 2024 was ₹19,918 crore, with orders worth over ₹6,900 crore secured between April 2023 and March 2024. This order book is diversified across Government (49%), PSU (18%), and the Private Sector (33%).

Market Response and Investor Confidence

ITD Cementation shares have delivered exceptional returns, rising by 178.18% over the past year, providing substantial returns to shareholders. On July 30, 2024, the stock closed at ₹507.50 on the NSE, up by ₹3.30 or 0.66%.

The ITD Cementation share price increase reflects positive investor sentiment driven by the company’s strong financial performance and strategic order wins. Investors are keenly awaiting ITD Cementation’s earnings announcement on August 7, 2024.

Disclaimer: Investments in the securities market are subject to market risk, read all related documents carefully before investing. This content is for educational purposes only. Securities quoted are exemplary and not recommendatory.

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