Q1 FY25: BigBloc Construction's net profit dips 48.64%
14 Aug 2024
2 Min Read
CW Team
BigBloc Construction reported that its net consolidated profit grew by 48.64% during the quarter ending 30th June 2024. The company noted that its profit after tax stood at Rs 30.3 million in Q1 FY25, compared to Rs 59 million recorded in the same quarter of the previous fiscal, as stated in a filing to the Bombay Stock Exchange (BSE).
The company?s net consolidated total income for Q1 FY25 was Rs 522.6 million, reflecting a decrease of 4.86% from the Rs 54.93 crore reported in the corresponding quarter of the previous year.
Narayan Saboo, chairman of BigBloc Construction, mentioned that with the ongoing projects at Kapadvanj and Wada proceeding as planned, the company is on track to significantly impact the market. To reward shareholders and enhance liquidity, the board has recommended a bonus issue to reinforce the company's equity base.
BigBloc's capacity utilisation for the first quarter stood at 78%. The installed capacity increased from 300,000 CBM to 400,000 CBM per annum as of 1st June 2024, with further expansion expected to raise the installed capacity to 500,000 CBM.
During its board meeting on 19th July 2024, the company recommended issuing bonus equity shares in a 1:1 ratio, meaning shareholders will receive one bonus share for every existing equity share held, subject to shareholder approval at the AGM on 29th August 2024. Rs. 28.31 crore from free reserves will be utilised for this Bonus Issue, with the shares expected to be credited by 18th September 2024, pending the necessary approvals.
Saboo added that the company experienced flat volume growth in Q1 FY25 due to market disruptions from the Holi festival and delays related to the Loksabha Elections, which particularly impacted the West and North regions reliant on migrant labour. Additionally, in Ahmedabad and Gandhinagar, construction activities were halted for 4 to 5 hours daily in May 2024 due to extreme heat, following Municipal Corporation guidelines, which affected block demand. Furthermore, the Umargaon plant has been undergoing a planned temporary shutdown for technology upgrades since 18th May 2024.
BigBloc Construction reported that its net consolidated profit grew by 48.64% during the quarter ending 30th June 2024. The company noted that its profit after tax stood at Rs 30.3 million in Q1 FY25, compared to Rs 59 million recorded in the same quarter of the previous fiscal, as stated in a filing to the Bombay Stock Exchange (BSE).
The company?s net consolidated total income for Q1 FY25 was Rs 522.6 million, reflecting a decrease of 4.86% from the Rs 54.93 crore reported in the corresponding quarter of the previous year.
Narayan Saboo, chairman of BigBloc Construction, mentioned that with the ongoing projects at Kapadvanj and Wada proceeding as planned, the company is on track to significantly impact the market. To reward shareholders and enhance liquidity, the board has recommended a bonus issue to reinforce the company's equity base.
BigBloc's capacity utilisation for the first quarter stood at 78%. The installed capacity increased from 300,000 CBM to 400,000 CBM per annum as of 1st June 2024, with further expansion expected to raise the installed capacity to 500,000 CBM.
During its board meeting on 19th July 2024, the company recommended issuing bonus equity shares in a 1:1 ratio, meaning shareholders will receive one bonus share for every existing equity share held, subject to shareholder approval at the AGM on 29th August 2024. Rs. 28.31 crore from free reserves will be utilised for this Bonus Issue, with the shares expected to be credited by 18th September 2024, pending the necessary approvals.
Saboo added that the company experienced flat volume growth in Q1 FY25 due to market disruptions from the Holi festival and delays related to the Loksabha Elections, which particularly impacted the West and North regions reliant on migrant labour. Additionally, in Ahmedabad and Gandhinagar, construction activities were halted for 4 to 5 hours daily in May 2024 due to extreme heat, following Municipal Corporation guidelines, which affected block demand. Furthermore, the Umargaon plant has been undergoing a planned temporary shutdown for technology upgrades since 18th May 2024.
Next Story
Reliance, Diehl Advance Pact for Precision-Guided Munitions
Diehl Defence CEO Helmut Rauch and Reliance Group鈥檚 Founder Chairman Anil D. Ambani have held discussions to advance their ongoing strategic partnership focused on Guided and Terminally Guided Munitions (TGM), under a cooperation agreement originally signed in 2019.This collaboration underscores Diehl Defence鈥檚 long-term commitment to the Indian market and its support for the Indian Government鈥檚 Make in India initiative. The partnership鈥檚 current emphasis is on the urgent supply of the Vulcano 155mm Precision Guided Munition system to the Indian Armed Forces.Simultaneously, the 鈥淰ulc..
Next Story
Modis Navnirman to Migrate to Main Board, Merge Subsidiary
Modis Navnirman Limited has announced that its Board of Directors has approved a key strategic initiative involving migration from the BSE SME platform to the Main Board of both BSE and NSE, alongside a merger with its wholly owned subsidiary, Shree Modis Navnirman Private Limited.The move to the main boards marks a major milestone in the company鈥檚 growth trajectory, reflecting its consistent financial performance, robust corporate governance, and long-term commitment to value creation. This transition will grant the company access to a broader investor base, improve market participation, en..
Next Story
Global Capital Flows Remain Subdued, EMEA Leads in Q1 2025
The Bharat InvITs Association鈥檚 industry update for Q1 2025 shows subdued global capital flows, with investment volumes remaining at the lower end of the five-year range despite a late 2024 recovery. According to data from Colliers and MSCI Real Capital Analytics, activity in North America declined slightly, while EMEA maintained steady levels and emerged as the top region for investment in standing assets.The EMEA region now hosts seven of the top ten cross-border capital destinations for standing assets, pushing the United States鈥� share of global activity below 15 per cent. Meanwhile, in..
