Shares of Man Infraconstruction were trading 4% higher on 21 November after the company launched three mega projects, including the construction of India’s tallest building.

The company launched the Aaradhya Avaan project in South Mumbai’s Tardeo area, which the company claims to be the tallest building in the country with a height of 1,000 feet. The total salable carpet area of the building will be 6.5 lakh square feet, with a constructed area of over 18 lakh square feet.

In its regulatory filing, the company said that it expects to generate a revenue of Rs 8,000 crore from the sale of three residential real estate projects, including the tallest building and the other two buildings that are under construction in Ghatkopar and Goregaon.

Manan Shah, Managing Director of Man Infraconstruction, said that the Aaradhya Avaan had a revenue potential of Rs 3,000 crore.

He added that after redeveloping ten buildings in Ghatkopar, the company aims to generate Rs 1,200 in revenue and Rs 4,000 crore from its Goregaon project.

In its quarterly report for the July-September quarter, the company reported a 30.7% year-on-year (YoY) increase in its net profit to Rs 69.65 crore during the quarter from Rs 53.28 crore reported in the same quarter last year.

However, the revenue during the quarter stood at Rs 215.29 crore, which is a 46% YoY decline from Rs 401.25 crore reported in Q2FY23.

At 3:30 pm, the shares of Man Infraconstruction closed 0.36% higher at Rs 151.75 on NSE.