Meghna Infracon Infrastructure Group acquires Residential Project located in Mumbai

Meghna Infracon Infrastructure Limited has announced the launch of its new residential project, “RIVAAN,” in Goregaon (West), Mumbai. The project will cover approximately 1 lakh sq. ft. of carpet area.

Mr. Vikram Jayantilal Lodha, Managing Director, stated, “We are pleased to announce the launch of ‘Rivaan’ in Goregaon (West), Mumbai. This development marks a significant milestone in our journey towards becoming a preferred real estate developer in Mumbai. The construction work has commenced and will be completed as per the scheduled timelines.”

“RIVAAN” will feature 1 and 2 BHK residences along with commercial units on the first floor. The project is located in a prime area of Goregaon (West).

In reaction to this announcement, the shares of Meghna Infracon Infrastructure Limited jumped by more than 18% in a day and touched a new high of Rs 468.

Company Overview

Meghna Infracon Infrastructure has a market capitalization of Rs 452 crore and a current stock price of Rs 416. The stock has a 52-week high and low range of Rs 462 and Rs 142, respectively. The stock’s Price to Earnings (P/E) ratio is 143, and the book value is Rs 12.1. The company has Return on Capital Employed (ROCE) is 21.0% where the Return on Equity (ROE) stands at 27.3%.

Over the past three years, the company’s sales growth has been 210%, while profit variation over the same period is 97.7%. Promoters hold 46.9% of the company’s shares, with no shares pledged.

Financial Performance

In the March 2024 quarter, Meghna Infracon Infrastructure reported standalone net sales of Rs 9.49 crore, a 267.25% increase from Rs 2.58 crore in March 2023. The quarterly net profit for March 2024 was Rs 0.55 crore, up 123.24% from Rs 2.35 crore in March 2023. EBITDA for March 2024 stood at Rs 0.66 crore, reflecting a 128.7% increase from Rs 2.30 crore in March 2023. The Earnings Per Share (EPS) rose to Rs 0.50 in March 2024 from Rs 2.17 in March 2023.

Stock Performance

The stock performance of Meghna Infracon Infrastructure shows an increase of 38.13% over the past month, 87.86% year-to-date, 192.41% over the past year, and 4,213.02% over the past three years.

About Company

Meghna Infracon Infrastructure Ltd. engages in the provision of investment advisory services and investment related tools and services for Indian Stock Market. It offers products and services such as equity and initial public offering, mutual funds, derivatives, fixed deposits and bonds, and loans and realty. The company was founded on October 19, 2007 and is headquartered in Mumbai, India.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. The information is based on various secondary sources on the internet and is subject to change. Please consult with a financial expert before making investment decisions.