Power Mech Projects Ltd - Cancellation Of Order Worth Rs. 512.78 Crores

| Updated on July 26, 2019 Published on July 26, 2019

Pursuant to Regulation 30 of the Listing Regulations, we wish to inform you that the Company has received communication from State Project Director, Samagra Shiksha, Andhra Pradesh cancelling the order "Package-lll - Providing necessary infrastructure viz. Furniture and Additional Class Rooms including Library rooms & Electrical facilities in all Government Schools, KGBVs & Bhavitha buildings (Krishna and Guntur districts) on Hybrid Annuity Mode (HAM) worth Rs 512.78 crores on the ground that the Project is not grounded (work not commenced).
As the construction activity is not commenced, there is no implication on the financials of the Company.
We believe we are well positioned to capitalize on opportunities in the industry and will be able to increase our market share. At the same time, Government reforms in the industry will help companies like ours to continuously improve and perform better with lot of opportunities opening up going ahead. Considering healthy order book with execution momentum in all businesses, we are confident of further improving the current growth momentum in our revenues and profitability.
This is for your information and for dissemination to the general public at large.

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Source : BSE - www.bseindia.com

Published on July 26, 2019
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