Afcons Infra shares in focus on Rs 884-crore order win, check details

Afcons Infrastructure Limited, a Shapoorji Pallonji group firm, announced on Monday that it secured ₹884 crore worth of orders in November under its marine and industrial business unit. The company classified these as engineering, procurement, and construction (EPC) contracts. "The company stated that these orders were booked during the month across the marine and industrial BU." In October, Afcons had won a contract valued at approximately ₹576 crore, including GST, for civil and allied infrastructure works.

Shares of Afcons Infrastructure Limited ended at ₹409.60, higher by ₹5.25 or 1.30% as of December 1. Market cap of the firm stood at Rs 15,038 crore. The company's recent performance follows the announcement of new order inflows and continued project acquisition momentum in the civil infrastructure segment.

Afcons Infrastructure also informed it had received an inspection letter issued under Section 206(5) of the Companies Act, 2013, from the regional director (Western Region), Ministry of Corporate Affairs (MCA). The letter expands the inspection period to cover up to FY2024-25, compared to the earlier period up to FY2022-23, and requests clarifications on alleged non-compliance and accounting matters related to additional projects. Afcons said it believes its position is robust and intends to defend the matter vigorously: "Afcons said it believes its legal position is robust and that it intends to vigorously defend the matter." The company added: "The company shall appropriately respond to the RD letter."