In a regulatory filing made during market hours today, the company announced that MICL has acquired development rights from ten adjoining societies; all located at Ratilal B. Mehta Road (60 Feet Road), Ghatkopar (East), Mumbai, Maharashtra.

MICL will develop a Luxurious Residential Project at the said location under cluster development and the project will have a saleable carpet area of approximately 4 lakh sq. ft. with a potential to generate revenue of Rs 1,200 crore in next 4 years.

Man Infraconstruction holds 60% partnership interest in MICL Creators LLP.

Manan P. Shah, managing director said, "The total construction area of approximately 13 lakh sq. ft., to be undertaken by Man Infraconstruction Limited, is expected to complete within 3.5 to 4 years.

This acquisition aligns with our asset-light strategy, strengthening our financial position.”

Mumbai-based Man Infraconstruction has two business verticals viz., EPC (engineering, procurement and construction) and real estate development.

The company's consolidated net profit surged to Rs 81.58 crore in the quarter ended March 2023 from Rs 37.36 crore during the previous quarter ended March 2022. Sales rose 157.42% to Rs 680.27 crore in Q4 FY23 from Rs 264.26 crore in Q4 FY22.

The scrip shed 0.63% to currently trade at Rs 99.25 on the BSE.