ITD Cementation’s promoter shareholder, Italian Thai Development, is in the early stages of exploring the divestment of its stake in the company, according to an exchange filing on July 3. The process is still preliminary, and no definitive decision has been made. Italian Thai Development Public Company (ITD Bangkok), the parent company, currently holds a 47 percent stake in ITD Cementation.
The shares of ITD Cementation have nearly doubled this year, with a 255 percent increase over the past year, giving the company a market capitalization of Rs 9,857.17 crore as of July 3. ITD Cementation India specializes in heavy civil and EPC projects.
Last month, ITD Cementation India secured a marine contract worth Rs 1,082 crore to construct a jetty at the Dahej LNG terminal in Gujarat.
Recent financial results show the company’s consolidated net sales for March 2024 at Rs 2,257.72 crore, a 38.39% increase year-over-year. Standalone net sales for the same period were Rs 2,236.79 crore, up 41.55% year-over-year. For the December 2023 quarter, consolidated net sales were Rs 2,017.16 crore, up 52.01% year-over-year. The March quarter net profit was Rs 89.51 crore, a 136.87% increase from Rs 37.79 crore in March 2023. EBITDA for March 2024 was Rs 241.91 crore, up 57.18% from Rs 153.91 crore a year earlier.
