ITD Cementation India secured a marine contract worth approximately ₹3,290 crore excluding GST, the company said in a regulatory filing on Thursday.

ITD Cementation India is an Engineering and Construction Company undertaking Heavy Civil, Infrastructure and EPC business. 

On August 28, the company at its Annual General Meeting, approved the declaration of a dividend of ₹0.75 per equity share of ₹1 each for the financial year ended 31st March, 2023.

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For the quarter ended June 2023, ITD Cementation's total operating income rose 67% YoY to ₹1,833 crore.

The company's net profit in Q1FY24 increased 73% to ₹52.21 crore from ₹30.06 crore, YoY.

Its consolidated order book as of June 30, 2023, stood at ₹18,517 crore.

With healthy Q1 execution, the company's management revised revenue guidance for FY24 to ₹65 billion - 70 billion with an EBITDA margin to close to double digit. FY24E capex will be at ₹1.5 billion - 2 billion.

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ITD Cementation being a dominant player in urban infra space with MNC parentage, Yes Securities remains positive on its healthy and diversified order book, strong execution capabilities, lean balance sheet and advanced technology and skilled labour. 

With healthy execution in Q1 and strong order inflow guidance, Yes Securities raised FY24 and FY25 revenue estimates by 11% and 10%. 

The brokerage also had upgraded ITD Cementation stock to 'Add' and revised the target price to ₹221 per share.

ITD Cementation share price has rallied more than 108% this year so far. In the last one year, ITD Cementation shares have risen over 124%. The stock is up over 50% in three months, more than 32% in the last one month and over 16% up in one week.

At 10:30 am, ITD Cementation share price was trading 12.78% higher at ₹245.30 apiece on the BSE.