IL&FS Engineering and Construction Company bags new order

IL&FS Engineering and Construction Company (IECCL) bagged a new order of Rs 675 crore for rehabilitation and upgradation to 2 lanes with paved shoulders configuration and strengthening of Birpur-Bihpur section, about 106 km of NH-106 in the state of Bihar under Phase- I of National Highways Development Project (NHDP). The company received a Letter of Acceptance (LoA) from the Ministry of Road Transport and Highways (MoRTH).

The order of IECCL involves Engineering, Procurement, and Construction (EPC) and is going to complete within a period of 36 months. The company has a strong order book of 10088 crore as of FY15. Its bid for projects of Rs 5119 crore are awaiting results as of June 2015.

On the Financial front, the new order of IECCL constitutes about 24.26 per cent of its topline as of FY15. The company's revenue declined by 36.79 per cent to Rs 352 crore in Q2FY16 as compared to the same period in the previous financial year. It reported a net loss of Rs 81.87 crore in Q2FY16 as against a net loss of Rs 37.89 crore during Q2FY15.

Meanwhile, trailing twelve months institutional holdings of the IECCL contracted by 597 basis points to 10.93 per cent in September 2015. The share price of the company boosted by 14.74 per cent on bourses in early trades and is trading at Rs 67.8 on intraday basis.

IECCL is a multi-national infrastructure development, construction and project management company. The Company is engaged in the development of projects under various domains, such as buildings and structures, roads, railways, irrigation, power, ports, and oil and gas. Its residential buildings include Singapore Class Township and Hill County. The Company’s Commercial buildings include Satyam Software Technology Centre (STC). IECCL projects include NICE Project- Bangalore, Mumbai - Pune Expressway, Outer Ring Road (ORR) - AP-02 Project, Pune-Solapur Road Project and Trichy-Padalur Road Project on NH-45.