ITD Cementation share price jumps over 14% to record high on securing ₹3,290-crore marine contract; stock up 106% YTD

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ITD Cementation India share price rallied more than 14% to hit a fresh 52-week high on Friday after the company bagged an order worth ₹3,290 crore. ITD Cementation shares jumped as much as 14.66% to a high of ₹249.40 apiece on the BSE. ITD Cementation India secured a marine contract worth approximately ₹3,290 crore excluding GST, the company said in a regulatory filing on Thursday.

ITD Cementation India is an Engineering and Construction Company undertaking Heavy Civil, Infrastructure and EPC business. On August 28, the company at its Annual General Meeting, approved the declaration of a dividend of ₹0.75 per equity share of ₹1 each for the financial year ended 31st March, 2023. Also Read: Adani Power to Adani Enterprises: Adani shares extend sell off for second straight session For the quarter ended June 2023, ITD Cementation’s total operating income rose 67% YoY to ₹1,833 crore.

The company’s net profit in Q1FY24 increased 73% to ₹52.21 crore from ₹30.06 crore, YoY. Its consolidated order book as of June 30, 2023, stood at ₹18,517 crore. With healthy Q1 execution, the company’s management revised revenue guidance for FY24 to ₹65 billion - 70 billion with an EBITDA margin to close to double digit.

FY24E capex will be at ₹1.5 billion - 2 billion. Also Read: Shankar Sharma portfolio stock Brightcom Group hits lower circuit on 8th consecutive day ITD Cementation being a dominant player in urban infra space with MNC parentage, Yes Securities remains positive on its healthy and diversified order book, strong execution capabilities, lean balance sheet and advanced technology and skilled labour. With healthy execution in Q1 and strong order inflow guidance, Yes Securities raised FY24 and FY25 revenue estimates by 11% and 10%.