Man Infraconstruction Limited (MICL), headquartered in Mumbai, declared its Q2FY24 and H1FY24 results, showcasing impressive growth. Notably, MICL launched the iconic 'Aaradhya Avaan' residential tower in Tardeo, Mumbai, adding 21 lakh sq. ft. to its real estate portfolio with a revenue potential of Rs. 5,200 crore. The company secured a significant Rs. 680 crore EPC order from BMCT for the Fourth Container Terminal of JNPT. Despite a dip in Q2 operating revenue, H1FY24 reported steady total income, 8% YoY EBITDA growth, and a substantial 65% YoY surge in net profit. MICL remains optimistic about Mumbai's real estate market and anticipates strong performance with upcoming project launches.
Mumbai-based Man Infraconstruction Limited (MICL) revealed its Q2FY24 and H1FY24 results, showcasing robust growth and strategic moves in the real estate sector. A highlight is the launch of the iconic 'Aaradhya Avaan' residential tower in Tardeo, contributing 6.5 lakh sq. ft. to MICL's real estate portfolio. In H1FY24, the company added an impressive 21 lakh sq. ft., with projects like a significant redevelopment in Goregaon, a western Mumbai suburb, an ultra-luxurious 12,000+ sq. mtr. project, and a gated community in Ghatkopar east. MICL also increased its equity stake in 'Atmosphere Realty Private Limited' to 30%. The company secured a substantial EPC order of Rs. 680 Cr from BMCT for infrastructure work at JNPT's Fourth Container Terminal.
While H1FY24's revenue from operations was Rs. 725 crore, Q2FY24 reported operating revenue of Rs. 215 crore. Total Income remained steady at Rs. 767 crore for H1FY24, with Q2FY24 reporting Rs. 243 crore. EBITDA grew by 8% YoY to Rs. 174 crore for H1FY24, and Q2FY24 reported Rs. 65 crore. Net profit soared by 65% YoY to Rs. 152 crore in H1FY24, with Q2FY24 reporting a growth of 31% YoY to Rs. 70 crore. MICL maintained a Net Cash Positive balance sheet with a consolidated liquidity exceeding Rs. 600 crore as of September 2023.
Manan Shah, the Managing Director, expressed satisfaction with the company's performance, highlighting profitability, real estate acquisitions, a new EPC order, and the launch of 'Aaradhya Avaan.' The company expanded its real estate portfolio to 5.9 million sq. ft. through acquisitions in Goregaon West and Ghatkopar East during H1FY24, aligning with an asset-light strategy.
MICL anticipates sustained momentum driven by job stability, rising aspirations, and improving urban infrastructure. With planned project launches in the second half of the financial year, MICL aims to conclude the year on a strong note, actively seeking future growth opportunities.
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