Vascon Engg jumps on signing redevelopment project in Mumbai

Vascon Engineers rose 3.35% to Rs 27.75 after the company said it signed a project of redeveloping a cooperative housing society at Santacruz (West) in Mumbai.

Vascon Engineers announced that it has strengthened its presence in Mumbai by signing its first redevelopment project for Ohm Sainath Cooperative Housing Society located at Santacruz (West) with a total construction area of approximately 180,000 square feet.

The company is expecting to complete the project in about three years and generate a total revenue of over Rs 225 crore.

"The said project is located in a strategic location on the main Linking Road being well-connected to the Airport, Railway Station etc. Lying with the Western Express Highway on one side & Juhu Beach on the other, it is known for its excellent social infrastructure and is abode of high net worth individuals," the company said in a statement.

None of the promoter/promoter group has any interest in the aforesaid work, the company added.

Vascon Engineers is engaged in the EPC, real estate construction and development business. The real estate business of VEL comprises construction of residential and office complexes along with information technology parks, industrial units, shopping malls, multiplexes, educational institutions and hotels. Under the EPC segment, VEL has executed construction contracts. It primarily caters to government departments and authorities.

On a consolidated basis, Vascon Engineers reported net profit of Rs 10.81 crore in Q1 June 2022 as against net loss of Rs 7.03 crore in Q1 June 2021. Net sales rose 80.28% to Rs 201.23 crore in Q1 June 2022 over Q1 June 2021.

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