Garuda Construction & Engineering Limited has announced a significant business development, securing a new order worth ₹143.96 crore. The contract, awarded by Orbit Ventures Developers, is for civil works on the redevelopment project "Shikhar-B" located in Oshiwara, Mumbai.

Contract Details

The company has provided key details of the order in a regulatory filing:

Impact on Order Book

With this new contract, Garuda Construction & Engineering's total order book has reached approximately ₹3,229.78 crore. This addition strengthens the company's project pipeline and potentially contributes to its future revenue streams.

Project Execution

The project involves an EPC (Engineering, Procurement, and Construction) agreement for the redevelopment initiative. The payment terms include the allotment of earmarked flats, suggesting a possible real estate component to the compensation structure.

Market Implications

This order win demonstrates Garuda Construction & Engineering's continued ability to secure significant projects in the competitive Mumbai real estate market. It also reflects the ongoing demand for redevelopment projects in prime areas of the city.

The company's shares may see increased interest from investors following this announcement, as it represents a substantial addition to its order book and reinforces its position in the construction sector.

Additional Information

Garuda Construction and Engineering provides end-to-end civil construction services for residential, commercial, infrastructure and industrial projects, along with operations and maintenance services. The company has confirmed that this contract involves no related party transactions and will be executed entirely within India.

Following the announcement, Garuda Construction's shares closed at ₹188.46, down 0.43% on the trading day.

Garuda Construction & Engineering Limited has announced its financial results for the first quarter, showcasing substantial year-over-year growth across key financial metrics.

Strong Revenue Growth

The company reported a significant increase in revenue, which rose to ₹1,251.65 crore, up from ₹351.25 crore in the corresponding quarter of the previous year. This represents an impressive year-over-year growth of approximately 257%.

Profitability Surge

Garuda Construction's profitability also saw a remarkable improvement:

• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased to ₹364.00 crore, up from ₹117.00 crore in the same quarter of the previous year, marking a 211% growth.
• The consolidated net profit reached ₹280.00 crore, compared to ₹86.00 crore in the same quarter last year, representing a substantial 226% increase.

Financial Highlights

Management Commentary

While specific management comments were not provided in the available data, the significant growth across all financial parameters suggests strong operational performance and possibly increased market demand for Garuda Construction's services.

About Garuda Construction & Engineering Limited

Garuda Construction & Engineering Limited, formerly known as Garuda Construction and Engineering Private Limited, is a construction company listed on both the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE). The company operates primarily in the construction sector, with its registered office located in Mumbai, Maharashtra.

Investors and stakeholders can find more detailed financial information in the company's official filings with the stock exchanges.