Shares of Vascon Engineers Ltd. dropped by almost 5% after touching a day’s high of Rs 80.75 on 18 July, after the company approved divestment of its 100% stake, comprising 12,689 equity shares, in arm GMP Technical Solutions.

The company entered a share purchase agreement with Shinryo Corporation on 17 July 2024.
This transaction was valued at Rs 157 crore, as per the exchange filing and the deal will be completed after fulfilling conditions in the agreement. It is expected that this transaction will be completed within the next 45 days.

This company is engaged in EPC services, real estate development, and clean room partition manufacturing. Shares of Vascon Engineers have surged over 78% in one year. The shares are up 4% since the beginning of this year.

The market capitalization of the firm stands at Rs 1,768.31 crore.

The company’s net profit fell 63.2% YoY to Rs 169 million for the quarter ended March 2024, compared to Rs 459 million a year ago. Net sales rose 2.5% to Rs 3,354 million during the period, up from Rs 3,273 million in January-March 2023.

For the year ended March 2023, net profit increased 176.8% to Rs 994 million compared to Rs 359 million in FY22. Revenue grew 55.2% to Rs 10,194 million during FY23.

The current price-to-earnings (P/E) ratio of Vascon Engineers, based on rolling one-year earnings, is 33.1.

At 2:11 PM, the shares of Vascon Engineers were trading 5.18% lower at Rs 77.19 on BSE.