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VASCON’S STANDALONE PROFITS UP 153% OVER LAST YEAR …

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Monday, 15 June, 2020,  Pune : The Board Of Directors of Vascon Engineers Limited, one of Pune’s leading real  estate developers in their meeting held today discussed and approved Audited Financial Results (standalone and consolidated) for the quarter/year ended March 31, 2020.

Yearly Financial Performance Highlights:

●          Consolidated Income of Rs. 541 crores in FY20 as against Rs. 561 crores in the corresponding period last year. EBITDA of Rs. 74 crores with an EBITDA margin of 14% in FY20, an improvement of 600 bps y-o-y. PAT stands at Rs. 40 crores in FY20

●          Standalone Income of Rs. 383 crores in FY20 against Rs. 392 crores in FY19; EBITDA of Rs. 62 crores with an EBITDA margin of 16% in FY20, an improvement of 400 bps y-o-y. PAT is at Rs. 38 crores in FY20

Major Development in FY 20

EPC order intake incurrent financial year is Rs. 1,671 crores, the highest-ever order intake in a year. Total Order Book stands at Rs. 2,060 Crores which includes external EPC orders of Rs. 1,953 Crores and internal orders from our real estate launches at Rs. 107 Crores. Majority of the Order book comprises of Government Orders. During the year, Company has entered into new-segment, received an order for Metro (Building Construction) from Metro Rail Corporation in Mumbai & Bangalore. Also, received an order from Airport Authority of India ‘AAI’ for extension of existing terminal building at Goa Airport, Dabolim.

Real Estate Segment:

In FY20, the Company recorded new sales booking of 1,35,412 sqft for a total sales value of Rs. 116 crores. Presently, in Real Estate, currently 14 lacs sq. ft. are under various stages of development and company has sold 9 lacs sq. ft still date having sale value of around 700 crore (vascon share around Rs 400 crore).

Additionally, company is also planning to launch around 13 lacs sq. ft. in near term with total expected sales realization of around Rs. 730 crores (vascon share Rs 450 crore).

Other Major Development:

●       During the year, Company has successfully concluded the sale of multiple assets including land parcel in Kharadi & Restaurant space in Viman Nagar.

●       Leasing of Commercial Property at Kaledonia, Andheri (E)

Commenting on the Company’s Annual Performance Mr. Siddharth Vasudevan, Managing Director, Vascon Engineers Ltd said, “I am happy to share that our Company achieved the highest-ever order intake during the current financial year. We have significantly surpassed the set target at the beginning of the year.

Presently, the world is grappling with the impact of pandemic COVID-19. Construction activities halted completely amid the nation-wide lockdown by the Government. However, we resumed the operations at the majority of our sites and expect a gradual ramp-up in construction activities. We believe that with our strong roots and experience along with a strengthened balance sheet will aid us to tide through this tough time and with the emerging sunshine we shall shine brighter going forward.”

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