Man Infraconstruction Ltd Share Price – NSE  /  BSE

Construction, Small Cap

The Board of Directors of Man Infraconstruction at its meeting held on 22 March 2024, subject to requisite approvals/consents, approved the Scheme of Arrangement and Merger by Absorption of Manaj Tollway (MTPL or Transferor Company 1) and Man Projects (MPL or Transferor Company 2) (together referred to as Transferor Companies), wholly owned subsidiaries of the Company, with the Company.

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The project is estimated to generate over Rs 2,100 crore in revenue, with a height of over 800 feet. The firm intends to deliver this project in a span of 5 years from launch date.

The project has a total construction area of approximately 22 lakh square feet offering a RERA carpet area of around 5.3 lakh square feet for sale.

The company said that the project is executed under its asset-light development management (DM) model and it has secured a letter of intent (LOI) from Shreepati Zaoba Housing LLP.

The company expects a profit before tax of more than Rs 400 crore from this project. This shall comprise the DM fees, the project management consultancy fee on construction, and an interest income on the initial investment made by the company in the project, it added.

Manan P. Shah, managing director said, “Notably, this marks MICL Group's second venture into uber-luxurious residential projects in South Mumbai, following the launch of our first project, ‘Aaradhya Avaan’ at Tardeo, which shall be one of the tallest towers in the country, surpassing 1,000 feet in height. The Marine Lines project is expected to exceed 800 feet in height and will feature a range of ultra-luxurious amenities, promising to set a new standard for lifestyle and living in South Mumbai.”

Man Infraconstruction has two business verticals viz., construction and real estate development. Maninfra is an integrated EPC (engineering, procurement and construction) company with nearly six decades of experience and execution capabilities in port, residential, commercial & industrial and road construction segments with projects spanning across India.

The company reported 2.1% decline in consolidated net profit to Rs 83.03 crore on 47.1% fall in net sales to Rs 241.76 crore in Q3 FY24 over Q3 FY23.

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Man Infraconstruction (MICL) announced that its ultra-luxurious project at Marine Lines, South Mumbai. The project is set to become yet another tallest residential structures in India to be done by MICL group surpassing the height of above 800 feet.

With the total construction area of approximately 22 lakh square feet offering a RERA carpet area of around 5.3 lakh square feet for sale, the project is expected to generate total sales value of above Rs. 2,100 crore. The project is executed under the company's asset-light Development Management (DM) model with a Letter of Intent (LOI) from Shreepati Zaoba Housing LLP.

MICL is poised to achieve an expected Profit Before Tax of Rs. 400+ crore from this project. This shall comprise of the DM fees, Project Management Consultancy (PMC) fee on construction and an interest income on the initial investment made by the company in the project.

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Man Infraconstruction announced that the Board of Directors of the Company at its meeting held on 5 February 2024, inter alia, have recommended the interim dividend of Rs 0.54 per equity Share (i.e. 27%) , subject to the approval of the shareholders.

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