Vascon Engineers stock gains on bagging order worth Rs 158 crore

Vascon Engineers share rose over 2 percent in the afternoon session on March 23 after the company received Letter of Acceptance (LoA) from the Uttar Pradesh Public Works Department (PWD) amounting to Rs 158.09 crore.

“We are pleased to inform that Vascon Engineers Limited has received Letter of Acceptance amounting to Rs 158.09 crore from Superintending
Engineer PMGSY Circle, U.P.P.W.D, Prayagraj, Uttar Pradesh for design, engineering, procurement and construction of Jila Karagar at Amethi in Uttar Pradesh,” the company said in a stock exchange filing.

“The work has been awarded on ‘EPC basis’ and has to be completed within 18 months from the date of receipt of Letter of Acceptance,” it added.

At 12:10 hrs Vascon Engineers was quoting at Rs 27.30, up Rs 0.62, or 2.32 percent on BSE. It has touched an intraday high of Rs 27.71 and an intraday low of Rs 26.61.

For the December quarter, the company reported quarterly net profit at Rs 15.89 crore down 44.56 percent from Rs 28.66 crore in December 2021.

Net sales of the firm came in at Rs 254.02 crore in December 2022 up 48.88 percent from Rs 170.62 crore in December 2021.