Net profit increased 179% from Rs 35.79 crore in FY22 to Rs 100.2 crore in FY23. Net profit for the quarter increased 375% YoY to Rs 49.63 crore. Total EPC order book stood at Rs 2,127 crore, including external orders of Rs 1,739 crore and internal orders of Rs 388 crore from its real estate projects.
The company’s total gross debt has been reduced by Rs 22.38 crore to Rs 134.78 crore at the end of FY23 while net debt stood at Rs 11.84 crore.
During FY23, the company recorded new sales bookings of 1,74,209 square foot (sqft) for a total sales value of Rs 118 crore. In addition, during the financial year, the company signed its first redevelopment project in Mumbai’s Santacruz with revenue potential of Rs 249 crore. It also launched a new project, Eco Tower.
Siddharth Vasudevan Moorthy, managing director, Vascon Engineers, said, “The principal EPC initiatives are progressing well with a steady enhancement in execution over recent quarters, a trend we foresee will continue in the future and contribute positively to the company’s net profit and cash flow.”
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