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Realty stock jumps 6% after company received certificate of contractor from Govt. of MP

Published 14-06-2024, 01:07 pm
Realty stock jumps 6% after company received certificate of contractor from Govt. of MP

Shares of this microcap company jumped around 6 percent in Friday’s trading session after receiving a Certificate of Contractor from the Government of Madhya Pradesh. The shares were listed on March 12, 2024, at a price of Rs. 90 per share, which is a 6 percent premium over the IPO price.

With a market capitalization of Rs. 129 crores, the shares of V R Infraspace Ltd started Friday’s trading session on a higher note at Rs. 146 compared to its previous close of Rs. 138. During the trading session, the shares hit a high of Rs. 155, gaining around 6 percent and are currently trading at Rs. 145 apiece.

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Such a positive movement in the share price was observed after the company in an exchange filing announced that the Government of Madhya Pradesh, Public Works department had granted Certificate of Contractor registration.

With this certificate, the company will be able to carry on civil work for all construction departments, semi-government institutions, corporations and undertakings of the Madhya Pradesh Government.

Coming onto the company’s financial statements, the revenue zoomed by 61 percent from Rs. 7.27 crores in H1FY24 to Rs. 11.74 crores during H2FY24. In addition, the net profits surged by 55 percent from Rs. 1.04 crores to Rs. 1.61 crores during the same period.

VR Infraspace has completed several projects, including VR VIVANTA, offering luxurious 2 and 3-BHK apartments, and VR IMPERIA, featuring luxurious 3-BHK apartments designed to meet the needs of discerning individuals. The company’s predominant operations base is in and around the industrial city of Vadodara in Gujarat.

In terms of key financial metrics, the company reported a Return on Equity (RoE) of 7.66 percent and a return on capital employed (RoCE) of 8.18 percent for the period spanning FY23-24. Further, the net profit margin during FY23-24 stood at 12.52 percent.

According to the latest shareholding pattern, the Promoters retain 72.97 percent ownership and the remaining 27.03 percent of shares are in the hands of Retail Investors.

Headquartered in Gujarat, V R Infraspace specializes in real estate development in Vadodara, building residential, commercial, and shopping mall projects. It also handles turnkey and luxury developments.

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Written By Vaibhav Patil

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