Hazoor Multi Projects Bags Rs 102.10 Cr Bridge Construction Work Order For Mumbai’s Bandra Sea Link Project

At the Versova Bandra Sea Link Project Site in Mumbai, Hazoor Multi Projects Limited said on Friday that it had received an order from Venkatesh Infra Projects Pvt. Ltd. for the fabrication of structural steel for bridge construction, as well as for the cutting, bending, and fixing of reinforcement steel in accordance with technical drawings. The awarded project has a value of Rs. 102.10 crores.

Hazoor Multi Projects Ltd., which is listed on the BSE and operates in the real estate and infrastructure sectors, recently revealed its interest in venturing into new business segments. The discussion on matters pertaining to business expansion and funds acquisition will be deliberated during the board meeting, scheduled for January 28, 2025.

With respect to its communication with authorities, Hazoor Multi Projects Ltd said that the members will focus on the "strategic expansion to new and emerging business segments which are within the long-term growth targets of the firm." The board intends to develop strategies that will gain profits and foster success over the long run. Along with these strategies, the board will consider changing the Object Clause of the Memorandum of Association to reflect the company's new direction.

In order to finance the business expansion, the board will consider several possibilities regarding the capital increase. This may be done through sales of stocks and bonds, or through other methods allowed. All of these plans include rationalization with other more interested parties.

Hazoor Multi Projects' fiscal performance has, by contrast, been quite mixed in most recent quarters. His net sales reached Rs 153.08 crore for Q2FY25, representing an increase of 118% year on year, while his net profit increased by 17% from the preceding year, reaching Rs 11.02 crore. However, net sales for the half-year period reporting ending H1 FY25 decreased by 59% compared to H1 FY24 figures to Rs 225.16 crore, with net profits plunging 68% to Rs 20.48 crore.

Earlier, the company had related an event of a GDR share issue where 2,94,222 warrants were transformed to give rise to 29,42,220 equity shares with a face value of Rs 1 each and issue price of Rs 30 (inclusive of a premium of Rs 29). This was after the company had restructured its share capital by subdividing its shares from Rs 10 to Rs 1. The warrant holders were issued shares at 75% of the issue price, which came to Rs 6.62 crore. These GDR shares rank pari passu with the existing shares. Currently, there are outstanding 1,02,00,573 warrants which may be converted within a period of 18 months.

Founded back in 1992, Hazoor Multi Projects Ltd. began with a focus on residential construction but has now shifted towards infrastructure development. Hazoor has also started subcontracting work for national highway projects, collaborating with the Maharashtra State Road Development Corporation and the National Highways Authority of India. In addition, it has branched out into Engineering, Procurement, and Construction (EPC) contracting, thus broadening its scope.

With the possession of adequate know-how and pursuit of fresh directions to explore, Hazoor hopes to reposition itself in the market in a way that adds the most value to stakeholders in the long term. They expect the results of the upcoming board meeting to serve as a foundation for the next stage of the business's growth.