Shares of Man Infraconstruction Surged Following Secures Occupancy Certificate for Atmosphere

The shares of Man Infraconstruction Ltd (MANINFRA) today rose approximately 4 per cent and were seen trading at Rs 196.40 per share as against the per share close price of Rs 189.83. The stock has a 52-week high of Rs 245 and a low of Rs 137.20 evidencing the consistent performance of the company in the market.

On Wednesday last week, MANINFRA received the occupancy certificate (OC) for the F-wing of its 'Atmosphere O2' project in Mulund West therefore marking a breakthrough moment in the company's milestone. This achievement comes after a period of just 3.5 years from the launch of the project which proves the company's promise towards timely delivery of projects. The project is approximately 7.2 lakh sq. Ft. Of RERA carpet area and 18.6 lakh sq. Ft. Of total construction area including three no. 47 stories residential towers & one no. 18 stories commercial tower and it is revenue generating. The revenue potential of the project is Rs 1650 crores out of which Rs 1475 has already been recovered till September 2024 highlighting commercial success of the project.

Looking at the successfulness of the project, Manan Shah, Managing Director of MICL Group, commented: "The rapid sellout of such a large project even before we get the OC is one more proof of the trust our customers have in regards to the quality and punctuality of MICL. Atmosphere O2 puts along with our strengths in securing execution and sales over all expectations on our customers."

Apart from Atmosphere O2, MANINFRA has also recently developed the luxury residential construction Aaradhya Evoq which was the 19th real estate project by the company including phases. In December 2020, Aaradhya Evoq which is in Juhu, Mumbai was completed in only a span of less than 2.5 years further substantiating the timely culture of the company. Approximately 250 crores of revenue potential exists for this project which is across 60,000 square feet in carpet area measurement. To date 85% of the residences have been sold with total collections growing beyond rupees 165 crores.

The redundancy in completing the projects within the target dates is what shows how committed MANINFRA is towards the construction work and winning the clients' confidence. Over the years, the company managed to deliver 2.8 million square feet of carpet area and the efforts helped set efficiency and quality parameters in the real estate market.

Man Infraconstruction Ltd for the fiscal year March 31 2024 registered a total consolidated income of Rs.1360 crore and a net gain of Rs.300 crore. The company continues to be net cash positive at the consolidated level which is again a testament to how financially healthy the company is. Headquartered in Indian city of Mumbai, MANINFRA has two business verticals as Construction and Real estate development. Construction business of the company which is also known as engineering procurement construction EPC works is very huge with nearly six decades of experience and reputation in several sectors including ports, residential, commercial and industrial development activities, and road construction across the country.

As such a performing real estate developing company in Mumbai, MANINFRA has also attained a name among other known builders for the construction of quality and prompt delivery. The construction company's inherent competence to undertake intricate projects, complemented by its industry capability to construct, has made the company one of the most sought after brands in the country.