Vascon Engineers rallies 7% after robust growth in quarterly earnings

For the financial year 2022-23, Vascon Engineers said the consolidated profit grew by 177 percent to Rs 99.41 crore and revenue surged 53.1 percent to Rs 999.9 crore compared to previous year.

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Vascon Engineers shares gained 7 percent on May 15 after reporting strong growth in quarterly earnings on all counts with profit and operating income growing in triple-digit. The stock closed at Rs 39.3 on the NSE.

Consolidated profit for quarter ended March FY23 grew by 358.5 percent to Rs 49.61 crore compared to year-ago period, driven by strong topline as well as operating performance.

The consolidated revenue from operations at Rs 327.3 crore for the quarter grew by 50.2 percent over corresponding period last fiscal, with support from all segments including EPC, and manufacturing & BMS (building management system).

On the operating front, the construction company recorded a massive 153.1 percent year-on-year growth in EBITDA (earnings before interest, tax, depreciation and amortisation) at Rs 49.5 crore, with margin expansion of 613 bps in same period.

For the financial year 2022-23, Vascon Engineers said the consolidated profit grew by 177 percent to Rs 99.41 crore and revenue surged 53.1 percent to Rs 999.9 crore compared to previous year.