Meanwhile, the company on Friday announced that it has received letter of intent (LoI) from Nila Spaces for civil construction of a prestigious residential project "VIDA" at GIFT City Gandhinagar, Gujarat. The project involves civil construction of core & shell of 3B+G+33 floors of high-rise residential towers amounting to Rs 121.51 crore.

PSP Projects is a multidisciplinary construction company offering a diverse range of construction and allied services in India. It provides construction services across the construction value chain ranging from planning and design to construction and post construction activities.

The company's consolidated net profit delcined 40.8% to Rs 21.54 crore on 7.8% fall in revenue from operations to Rs 359.98 crore in Q2 FY23 over Q2 FY22.