ITD Cementation secures ₹1,082 Crore contract for Dahej LNG Terminal

27 Jun 2024 , 02:43 PM

On Wednesday (June 26), ITD Cementation India Ltd announced a maritime contract for ₹1,082 Crore, including taxes and charges.

“The company has received a marine contract for constructing Third Berth (Jetty) and specified additional works at Dahej LNG terminal in the state of Gujarat worth approximately ₹1,082 Crore including taxes and duties,” per a filing with the stock exchange.

The contract calls for the construction of a third berth (jetty) as well as extra work at the Gujarat-based Dahej LNG terminal.

In February, ITD Cementation projected an order inflow of ₹8,000-10,000 Crore for FY25.

According to Prasad Patwardhan, CFO of ITD Cementation, the company now has an order book of over ₹7,000 Crore, with a few bids still in the queue.

He aims to end FY24 with order inflows of over ₹8,000 Crore. Patwardhan noted that some of these new orders will provide a significant contribution to revenue in the coming fiscal year.

The organisation is committed to keeping its balance sheet leverage as low as feasible. As of December 2023, the company’s gross debt stood at approximately ₹860 Crore. The balance statement shows a net debt of just over ₹400 Crore.

Patwardhan stated that the corporation does not anticipate any significant growth in debt levels. However, in the coming fiscal year, the working capital debt may rise marginally.

ITD Cementation India Ltd reported a significant rise in revenue and net profits during the fourth quarter of 2023-2024 compared to the same period last year. The company’s revenue increased by 39.09% to ₹2,279.32 Crore. Revenue increased by 12.16% throughout the quarter.

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