PSP Project bags work orders worth Rs 123 cr

PSP Projects announced that it has received work orders worth Rs 123.38 crore in institutional, industrial and residential categories in Ahmedabad, Gujarat.

The company received civil construction order from Anjney Finebuild which includes construction of the iconic project "360" at Ahmedabad, Gujarat. The order is worth Rs 96 crore and it will be completed within 30 months.

The company has also received design and build contract from Adishwaram Innovative. The order entails design and construction of an industrial shed in Ahmedabad, Gujarat. In said contract, the member of promoter group of the company is a partner in Adishwaram Innovative thus transaction is at arm length basis. The order is worth Rs 4.18 crore and it will be completed within 6 months.

The total order inflow for the financial year 2022-2023 till date amounts to Rs 3,415.97 crore.

PSP Projects is a multidisciplinary construction company offering a diversified range of construction and allied services across industrial, institutional, government, government residential and residential projects in the country.

The company's consolidated net profit declined 29.5% to Rs 35.36 crore despite of 3% rise in net sales to Rs 500.16 crore in Q3 FY23 over Q3 FY22.

Shares of PSP Projects were down 1.50% to Rs 700.45 on the BSE.

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