Generic Engineering bags orders worth Rs 101.95 crore
Mumbai (Maharashtra) [India] Aug 28 (ANI/NewsVoir): BSE Listed construction giant Generic Engineering Construction and Projects Ltd has bagged new work orders worth Rs 101.95 crore for various institutional projects from various clients, which includes a project of Rs 30 crores for construction of school from Aditya Birla Group. With the receipt of the above, the total current outstanding order book stands at Rs 1,067.54 crore.
ANI
Aug 28, 2020 11:52 IST
Mumbai (Maharashtra) [India] Aug 28 (ANI/NewsVoir): BSE Listed construction giant Generic Engineering Construction and Projects Ltd has bagged new work orders worth Rs 101.95 crore for various institutional projects from various clients, which includes a project of Rs 30 crores for construction of school from Aditya Birla Group. With the receipt of the above, the total current outstanding order book stands at Rs 1,067.54 crore.
"We are delighted with our new work order wins, especially as it comes at a time when the entire construction and real estate sector are passing through very challenging times. We are gradually scaling up our execution, post the graded lifting of lockdown, though the shortage of labour remains a key constraint as of now. We expect the work to normalize in the second half of this fiscal year. At the same time, to mitigate the issue of shortage of manpower, the company has started bidding for projects in the northern states of India, where the majority of labourers have migrated. We are also aggressively bidding for new projects, especially in the public sector, to build a robust order book, so that we can make up for the revenue lost during the lockdown, in the coming quarters," said Manish Patel, Managing Director on the receipt of the orders.
"Most of our clients have provided the necessary extension in timelines for the completion of projects under construction. The company is also in negotiation with clients for considering the escalation in project costs and making submissions for claiming the necessary compensation thereof. Also, the major part of our order book constitutes of non-residential projects like warehousing, cold storages, and factories, etc. which have not been significantly impacted by the pandemic. Importantly, one of our major residential projects, includes the construction of staff quarters for Maharashtra State Police Housing & Welfare Corporation Limited, which is for self- consumption," said Manish Patel.
"Despite the pandemic, the business opportunities in our operating region of MMR have remained promising and we expect the momentum of order inflow, especially in industrial, infrastructure, and other sectors to continue. It is our continuous endeavor to add orders from existing and new clients, both in the public and private sector and we are confident in further consolidating our order book," added Manish.
Generic Engineering Construction and Projects Ltd is engaged in the construction of residential, industrial, commercial, and Institutional buildings with presence in Navi Mumbai and Mumbai Metropolitan Region (MMR).
Generic offers general contracting, design-build; engineering, procurement and construction (EPC); and project management consultancy (PMC) services.
The company's forte lies in executing projects having a ticket size between Rs 25 crore to Rs 100 crore. The company has expertise in building data centers, hospitals, schools, and all types of industrial and residential buildings.
The company is a pioneer in building cold storage. The company has the highest market share of contracting business in the fastest-growing market of Navi Mumbai, where the company has delivered more than 300 industrial buildings.
The company also provides designing and engineering services for architecture, structural, electrical, mechanical, HVAC, plumbing and sewerage, fire protection, building management, and infrastructure works.
This story is provided by NewsVoir. ANI will not be responsible in any way for the content of this article. (ANI/NewsVoir)
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