VASCON bags orders worth Rs. 1,245 Crores in current Financial Year

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Pune, October 4, 2019: VASCON Engineers Ltd. (BSE Scrip ID VASCONEQ), Pune’s leading real estate developer, has received a valuable order worth Rs. 505.54 Crores from the Public Works Department, Division-3, Raipur, Chattisgarh for the construction of ‘Raj Bhavan,’ Honorable Chief Minister’s House, Honorable Minister’s Residential House & Higher Officer Residential House in New Raipur, Chhattisgarh. VASCON Engineers, known for its quality of construction and efficient delivery of big projects in record time shall complete this project within 24 months of signing the agreement.

Earlier this year, Vascon also received an order worth Rs. 465 crore from Maharashtra State Police Housing & Welfare Corporation Ltd. (A Government of Maharashtra Undertaking) for the Construction of Staff Quarters along with a multipurpose hall in Mumbai. The expected delivery of this project shall be within 36 months from date of receipt of the tender.

Commenting on the valuable orders received, Dr. Santosh Sundararajan, Group CEO – VASCON Engineers Ltd. said, “We are pleased to have been awarded the two large projects and as a result, we have doubled our EPC order-book since the beginning of the current financial year. With the receipt of these two EPC orders in the state of Maharashtra and Chhattisgarh, revenue visibility has improved significantly. Further, we will be able to improve our capacity utilization, which should result in a better operating margin. Bagging these orders is a testament to VASCON’s superior construction quality and reiterates the confidence of our stakeholders in the work that we deliver to our customers.”

The recent orders received, takes VASCON’s total order intake in the current financial year to Rs. 1,245 crores and total External Order Book to around Rs. 1,900 crores.

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