Tile maker Nitco Ltd on Monday (December 16) said it has secured a ₹105.40 crore order from Prestige Estates Projects Ltd for the supply of tiles, marble, and mosaic. The order is set to be executed within six months.
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“We are pleased to inform you that the Company has secured a new order valued at ₹ 105.40 Crore from Prestige Estates Projects Limited,” Nitco said in a regulatory filing.
Additionally, based on the current ongoing projects, the company anticipates receiving orders worth ₹104 crore in the near future from Prestige Estates Projects Ltd. “The company further anticipates additional purchase orders worth ₹104 crore from Prestige Estates by March 2025, based on ongoing projects,” it said.
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Last month, Irfan Razack, Chairman and Managing Director of Prestige Group, said the company is on track to hit its annual pre-sales target, even after a slow start in the first half of 2024-25 (FY25).
The Bengaluru-based real estate major aims for ₹24,000 crore in pre-sales this fiscal but has managed to achieve only 29% of that, or about ₹7,000 crore, during April-September.
Razack is confident the momentum will pick up soon. “We have almost ₹50,000 crore plus of inventory in the pipeline, in different stages of approval. Once these get approved and receive the RERA number, they will come to the market,” he said.
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Shares of Nitco Ltd ended at ₹141.30, up by ₹2.55, or 1.84%, on the BSE.
(Edited by : Shoma Bhattacharjee)
