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Man Infraconstruction subsidary to develop residential project in Tardeo, Mumbai

Capital Market 

The subsidiary of Man Infraconstruction, MICL Properties LLP, holding 99.99% partnership interest, will jointly develop a residential high rise tower at Tardeo, next to Bhatia Hospital, Mumbai under asset-light Development Management model.

This project addition will establish Man Infraconstruction's presence in south Mumbai (Maharashtra). The project will have a carpet area for sale of 6 lakh sq. ft. and is expected to generate approx. Rs 3,000 crore over the next 4 to 5 years. This landmark project will be one of the tallest residential structures in India having proposed height of 250+ mtrs. Apart from managing the design, sales and marketing of the project, the company will also execute the construction work leading to timely delivery of the project.

On a consolidated basis, Man Infraconstruction reported a net profit of Rs 172.19 crore in Q2 FY22 as compared to a net loss of Rs 0.39 crore in Q2 FY21. Net sales surged 480.20% to Rs 247.34 crore in Q2 FY22 over Q2 FY21.

Shares of Man Infraconstruction skid 3.32% to Rs 90.25 on BSE. Man Infraconstruction undertakes various infrastructure projects like port infrastructure, residential constructions, commercial & institutional constructions, industrial constructions and road constructions.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, November 29 2021. 10:19 IST
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