Italian-Thai Development Public Company Limited (SET: ITD) has announced that it has sent a letter to ITD Cementation India Limited (ITDCEM), a listed company in the National Stock Exchange of India, to notify that the Company, as a shareholder of 46.44% in ITDCEM , is now exploring a possible divestment of its investments in ITDCEM. However, as the process is currently at a preliminary stage, no definitive decision has been taken yet.
According to the information from ITD Cementation India Limited’s official website, it is one of the leading Engineering and Construction Companies undertaking Heavy Civil, Infrastructure and EPC business and operating in India for nine decades with an established presence and expertise in Maritime Structures, Mass Rapid Transit Systems, Airports, Hydro-Electric Power, Tunnels, Dams & Irrigation, Highways, Bridges & Flyovers, Industrial Buildings and Structures, Foundation & Specialist Engineering.
ITD Cementation India Limited, as reported by LSEG, achieved total revenue from business activities of INR50,909 million in the fiscal year 2023, ending in March 2024. This marked a significant growth of 33.65% compared to the previous fiscal year.
During the same period, the company recorded an operating profit of INR3,144 million, with total operating expenses amounting to INR47,765 million. The net income for FY2023 stood at INR1,242 million, showcasing an impressive 80.5% increase from the preceding fiscal year.
Furthermore, ITD Cementation India Limited’s securities listed on the stock exchange saw a remarkable surge in share price performance, with an 85% increase this year, trading at INR528 per share. The stock price reached an all-time high of INR580 per share on July 2, 2024.
ITD has been facing a debt crisis that leads to the company’s inability to pay off its obligations to bondholders. However, the company said in a statement disclosed to the Stock Exchange of Thailand that as of March 31, 2024, the Company was still able to comply with the terms and conditions of the loan agreement regarding the maintenance of debt-to-equity ratio. Moreover, the company has been consistently receiving loan approvals.
