Bigbloc Construction records 55% profit increase in March quarter; Shares rise more than 2%

Building materials maker Bigbloc Construction Ltd on Tuesday reported an over 55 per cent rise in profit after tax for the March quarter of fiscal 2023-24, driven by strong sales.

The Surat-based company, India’s largest manufacturer of AAC (Aerated Autoclaved Concrete) blocks, bricks and panels, reported a profit after tax of Rs 8.65 crore for the March quarter, up from Rs 5.56 crore in the same period a year ago. , according to the BSE filing.

The company’s operating revenue rose 46 percent to Rs 67.95 crore in the last quarter of 2023-24, compared to Rs 46.55 crore in the last quarter of 2022-23.

For the full financial year, the company reported a profit after tax of Rs 30.69 crore, against Rs 30.14 crore in the previous year.

Operating revenue rose 21 per cent to Rs 243.22 crore in 2023-24 from Rs 200.11 crore in 2022-23.

“The fourth quarter and fiscal 24 results were a milestone, with the company achieving the highest ever revenue, EBITDA and net profit figures, reflecting robust operational and financial performance,” said Narayan Saboo, Chairman of Bigbloc Construction.

Meanwhile, the company’s shares rose around 3 percent on Tuesday after noted investor Shankar Sharma bought 3.65 lakh shares of the company in the open market. Shares of Bigbloc Construction closed 2.87 percent higher at Rs 272.10 on BSE on Tuesday.

The company has recommended a final dividend of Rs 0.40 per share or 20% for FY24, subject to approval by the annual general meeting. The installed capacity of the company is 10.75 lakh cubic meters per annum. The factories are located at Umargaon (Vapi) and Kapadvanj (Ahmedabad) in Gujarat and Wada (Palghar) in Maharashtra.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)