Vascon Engineers secured a Letter of Award (LoA) worth approximately Rs 199 crore from Vedanta for the construction of Cairn Oil & Gas Residential Complex at Barmer, Rajasthan.
The work has been awarded on Design and Build basis. The work is expected to be completed within 18 months (1.5 years) from the date of receipt of this letter of award.
On a consolidated basis, the company posted a net profit of Rs 3.42 crore in Q2 FY22 as compared to a net loss of Rs 10.79 crore reported in Q2 FY21. Net sales soared 27.9% to Rs 152.87 crore in Q2 FY22 over Q2 FY21.
Vascon Engineers is engaged in the business of engineering, procurement and construction services (EPC) and real estate development.
Shares of Vascon Engineers rose 1.78% to close at Rs 22.85 while Vedanta jumped 4.16% to end at 336.85 on Tuesday, 21 December 2021.
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