J Kumar Infra rides high after JV bags Rs 182 crore Bengaluru Metro order

J Kumar Infraprojects has received Letter of Acceptance from Bangalore Metro Rail Corporation for the construction of Airport Depot for Bangalore Metro Rail Project for a total contract cost of Rs 182.34 crore.

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Shares of J Kumar Infraprojects rose more than 3 percent in early deals on March 21 after the company bagged an order worth Rs 182.34 crore.

At 9:15 am, shares of the company were trading 2.7 percent higher at Rs 244.95 apiece on the BSE. The stock has risen nearly 200 percent in the past three years but year-to-date, it has fallen around 11 percent.

The company has received Letter of Acceptance from Bangalore Metro Rail Corporation for the construction of Airport Depot for Bangalore Metro Rail Project for a total contract cost of Rs 182.34 crore.

The order win is in the name of J Kumar – AICPL (Joint Venture) where the share of J Kumar Infraprojects is 55 percent, valued at about Rs 100 crore.

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Earlier in March, Nalin Gupta, Managing Director of J Kumar Infraprojects, told CNBC-TV18 in an interaction that all the orders, existing and newly-bagged, have clauses for raw material inflation.

The order inflow of Rs 1670 crore in the first nine months of FY23 took the order book to Rs 11,210 crore (2.7 times Trailing Twelve Month revenue) with 52 percent of the orders from metro segment, said YES Securities.

The company has reiterated its order inflow guidance for FY23 of Rs 5,000 crore, of which 33.8 percent orders were achieved in the first nine months of FY23. On the back of strong order book, healthy bid pipeline and robust execution, management has given revenue guidance of 15 percent growth in FY24 with strong operating performance to continue going forward, the brokerage firm added.

J Kumar Infraprojects is among the leading infrastructure player based in Mumbai.