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Power Mech Projects bags LoI for two projects worth Rs 725 cr

Capital Market 

Power Mech Projects received a letter of intent (LoI) for two works aggregating to Rs 725.17 crore.

The first project entails - a 31.8 km four laning of NH-365A from Kodad to Khammam in Telangana under Bharatmala Pariyojana on Hybrid Annuity Mode for NHAI worth Rs 645 crore.

The company will also engage in design, engineering, Procurement, manufacture/ fabrication of coal handling plant at Talabira II & III mine at Sambhalpur dist., Jharsuguda, Odisha for HOWE, amounting to Rs 80.17 crore.

On a consolidated basis, the company reported net profit of Rs 27.05 crore in Q2 September 2021 as against net loss of Rs 55.11 crore in Q2 September 2020. Net sales rose 56.2% to Rs 539.33 crore in Q2 September 2021 over Q2 September 2020.

Shares of Power Mech Projects lost 0.62% to Rs 989.40 on BSE. Power Mech Projects operates as an engineering and construction company, which provides erection, testing and commissioning (ETC), civil and operation and maintenance services for power projects.

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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 15 2021. 13:40 IST