Ahluwalia Contracts Gets Housing Project Worth Rs 1,307 Crore

Ahluwalia Contracts (India) Ltd. has received two housing project contracts worth Rs 1,307 crore from SignatureGlobal (India) Ltd. The projects are expected to be completed in the next two years.

The projects include civil structure, part mechanical, electrical, plumbing, and finishing works for all towers and basements and all other ancillary buildings, according to the exchange filing.

The first contract from SignatureGlobal Business Park Pvt. is for the project De-luxe DXP, Gurugram. The group housing project cost totals to Rs 1,144 crore, including GST. Spread over 16.65 acres, the housing project has 1,008 units. The total developable area is 28.12 lakh square feet, Signature Global said in a statement on Sunday.

The second contract is from SignatureGlobal Homes Pvt. for the group housing project at Iconic Tower, Gurugram, and is worth Rs 163 crore, including GST.

The company's net profit fell 38.4% year-on-year to Rs 30.56 crore for the quarter ended June 30, 2024, compared to Rs 49.70 crore in the same period a year ago. Net sales rose 20.4% to Rs 9.19 crore during the period as against Rs 7.63 crore in the first quarter of fiscal 2024.

The company's revenue from operations stood at Rs 919 crore, which was up 20% year-on-year. But, Ebitda margins at 6.6% were down 420 basis points year-on-year, owing to higher operating expenses. Ebitda at Rs 60 crore was down 72% year-on-year. Profit after tax was also down 62% year-on-year to Rs 30.59 crore.

The stock rose as much as 5.52% during the day to Rs 1,254.60 apiece on the NSE. The stock closed 0.68% higher at Rs 1.197.05 per share. This compares with a 0.34% advance in the benchmark Nifty 50. It has risen 66.78% in the last 12 months, and 52.45% year-to-date.