Man Infraconstruction Limited – From Ports & Civil Infra to Real Estate Development

Man Infraconstruction Limited (MICL) released a press release on November 6, 2023, regarding its un-audited financial results for the quarter and half year ending on September 30, 2023. The letter was addressed to the Listing Department of the National Stock Exchange of India Limited and the Corporate Relationship Department of BSE Limited, with details of the company’s performance and developments. Here is a detailed summary of the key points in the press release:

1. Company Information: Man Infraconstruction Limited is a leading construction company and real estate development pioneer headquartered in Mumbai, India. They are publicly traded with the symbol “MANINFRA” on the National Stock Exchange and the scrip code “533169” on BSE Limited.
2. Financial Highlights for Q2FY24 and H1FY24:

• MICL launched a prestigious residential tower called ‘Aaradhya Avaan’ in Tardeo, Mumbai, with a carpet area of approximately 6.5 lakh sq. ft.
• The company added approximately 21 lakh sq. ft. of carpet area to its real estate portfolio in Mumbai during H1FY24, with an estimated revenue potential of around Rs. 5,200 crore.
• MICL expanded its equity stake in ‘Atmosphere Realty Private Limited’ (ARPL) from 17.5% to 30% with a cash consideration of Rs. 12.5 crore.
• The company received an In-Principle Approval (IOD) for a gated community project in Ghatkopar East, Mumbai.
• MICL secured a significant EPC order worth Rs. 680 crore (inclusive of GST) from BMCT (PSA Group) for pavement work at the Fourth Container Terminal of JNPT.

3. Consolidated Financials:

• Revenue from operations for H1FY24 was Rs. 725 crore, compared to Rs. 753 crore in the previous year.
• Total income for H1FY24 remained steady at Rs. 767 crore, compared to Rs. 774 crore in the previous year.
• EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for H1FY24 increased by 8% YoY to Rs. 174 crore.
• Net profit for H1FY24 saw a significant increase of 65% YoY, reaching Rs. 152 crore.

4. Financial Highlights for Q2FY24:

• Q2FY24 reported operating revenue of Rs. 215 crore, compared to Rs. 401 crore in the previous year.
• Q2FY24 total income was Rs. 243 crore, compared to Rs. 414 crore in the previous year.
• Q2FY24 EBITDA was Rs. 65 crore, compared to Rs. 94 crore in the previous year.
• Q2FY24 net profit increased by 31% YoY to Rs. 70 crore.