Sanghvi Movers edges higher after bagging work orders worth Rs 180 crore

Sanghvi Movers added 3.44% to Rs 1100.95 after the company announced that it has bagged two work orders with a total value in excess of Rs 180 crore.

The first contract involves delivering a customized solution to a leading Independent Power Producer (IPP) in the renewable energy sector.

This ten-month project (with over 95% execution in FY 2024-25) includes project monitoring, engineering, and complete service delivery mechanical (cranes, trailers, installation & commissioning), civil, electrical, and site management.

The second contract is part of the new business offering that is being made by Sanghvi Movers. It involves above-ground piping work, fabrication, painting, and erection for a diversified global EPC player in the hydrocarbons sector.

 

This six-month project will be completed within the current financial year. The company will also provide skilled manpower and necessary tools & tackles for the project.

Sanghvi Movers primarily provides medium to heavy duty cranes on rental basis to various private and public sector undertakings. The company had a total fleet size of 346 cranes having a cumulative lifting capacity of 81,288 MT as on 31 March 2024. SMLs crane fleet consists of medium-to-large size hydraulic truck mounted telescopic and lattice boom cranes and crawler lattice boom cranes having a lifting capacity from 20 MT to 1000 MT. SMLs client base consists of several well-known Indian corporates.

The company had reported an income from operations of Rs 618.53 crore and a net profit of Rs 187.94 crore in FY24 as against a income from operations and PAT of Rs 455.79 crore and Rs 112.05 crore recorded in FY23.

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