Man Infraconstruction Ltd (MICL) reported a 7% increase in revenue to ₹230.32 crore for the September 2024 quarter, driven by strong growth in its real estate segment. The company’s real estate revenue surged 65.71% YoY to ₹154.74 crore. However, higher expenses, which climbed to ₹207 crore from ₹159 crore in the same period last year, led to a 36% drop in net profit to ₹44.54 crore compared to ₹69.65 crore in the previous fiscal.
The company announced a strategic realignment of the portfolio into luxury residential projects in premium locations of Mumbai comprising Pali Hill (Banda), BKC, Vile Parle, and Marine Lines. In line with the above strategy, MICL has sold its interest in phase 3 of a project situated near Dahisar in Mira Road with a view to consolidate resources for high-end development.
In October, MICL obtained the CC for its ultra-luxury residential project in Vile Parle.
Following the earnings report and portfolio realignment announcement, shares of Man Infra were up 1.15% at ₹174.79 on the NSE.
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Source: Moneycontrol
News Desk
