Mason Infratech Limited IPO

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Mason Infratech Limited is a real estate construction company that specializes in providing comprehensive construction services for both residential and commercial buildings, including new constructions and redevelopment projects. Their expertise spans civil contracts, lifestyle projects, and high-value standalone buildings. Originally formed as a partnership firm under the name “M/s. Mason Infrastructure” on February 6, 2020, it was later converted into a private limited company named “Mason Infratech Private Limited” on April 24, 2023, and eventually into a public limited company as “Mason Infratech Limited” on November 16, 2023.

Services and Capabilities

They offer end-to-end construction services encompassing the entire project lifecycle, from planning and designing to procurement, construction, and post-construction services. Their capabilities include constructing both concrete and composite steel structures. They also provide mechanical, electrical, and plumbing (MEP) services and finishing works.

Their services cater to:
i. Residential Buildings: Full-scale construction of new residential complexes and redevelopment of existing properties.
ii. Commercial Buildings: Construction of corporate office buildings and other commercial properties.

Technological Expertise

Their team is well-versed in the latest industry practices and technological advancements in construction. They utilize specialized formwork technologies such as:
i. Vertical composite panel systems for columns                 ii. Horizontal composite panel systems for slabs
iii. Crane-enabled composite table formwork                      iv. Aluminium composite panel formwork
v. Automatic climbing system formwork

These technologies help reduce construction cycle times, particularly in high-rise buildings, compared to conventional formwork systems.

Conclusion

Mason Infratech Limited stands as a dynamic and growing construction company, committed to delivering high-quality residential and commercial buildings. Their focus on technological innovation, quality control, and client satisfaction drives their success. With a strong financial track record, a robust order book, and a skilled management team, they are well-positioned to continue their growth trajectory and exceed client expectations in the construction industry.

Objects of the Mason Infratech Limited IPO:

The company intends to utilize the proceeds of the issue to meet the following objects: i. To meet the working capital requirements. ii. General corporate purposes
DRHP of Mason Infratech Limited IPO
RHP of Mason Infratech Limited IPO

Mason Infratech Limited IPO Details:

Open Date: Jun 24 2024
Close Date: Jun 26 2024
Total Shares: 4,760,000
Face Value: ₹ 10 Per Equity Share
Issue Size: 30.46 Cr.
Lot Size: 2000 Shares
Issue Price: ₹ 62 - 64 Per Equity Share
Listing At: NSE Emerge
Listing Date: Jul 01 2024

Promoters And Management:

Asit Thakkar Dattani, aged 52 years, is the Promoter and Managing Director of the company. He has been associated with the company since incorporation. He holds a Secondary School Certificate (SSC). With the experience of over two decades years in the infrastructure sector, Asit Thakkar has headed various infrastructure projects over the years. He plays a vital role in formulating business strategies and its effective implementation. He is responsible for the overall management of the business of the company. His expertise and immense knowledge are valuable to the company in all aspects of infrastructure sector. He will be heading the public relations and attaining future projects for Mason Infratech Limited. Ashutosh Juthani, aged 50 years, is the Promoter and Executive Director of the company. He has been associated with the company since incorporation. He holds B. Com degree with specialization in Financial Accounting and Auditing from University of Bombay in the year 1994 and Diploma in Interior Designing & Decoration from School of Interior Design, Mumbai in the year 2005. Having more than a decade of knowledge in construction and interior designing, along with expertise in both residential and commercial infrastructure, gives Ashutosh a competitive advantage in the field. Such a professional possesses a deep understanding of various aspects of the industry, enabling them to excel in their work and deliver exceptional results. Mamta Bhavik Shah, aged 41 years, is Non-Executive Director of the company. She has been associated with the company since January 04, 2024. She has completed his bachelor’s in mass media from University of Mumbai. She has more than a decade of experience in designing and artwork freelancing. She also provides Management Consulting & Management Services.

Financials of Mason Infratech Limited IPO:

Particulars ( In Lakhs )
2021
2022
2023
9M-FY24
Revenue from Operations 349 3,009 6,381 5,672
Other Income 1 1 25 18
Total Revenue 350 3,011 6,406 5,691
Cost of Material Consumed 118 1,643 2,943 2,072
Employees Benefit Expenses 168 894 2,505 2,112
Other Expenses 36 197 352 616
EBITDA 27 276 605 891
OPM (%) 7.75% 9.17% 9.44% 15.66%
Depreciation & Amortisation 14 56 104 160
EBIT 13 220 500 731
Finance Cost 4 54 89 47
PBT 9 166 412 684
Tax 2 13 75 177
PAT 8 152 337 509
NPM (%) 2.25% 5.05% 5.26% 8.94%
No.of Shares 175.72 175.72 175.72 175.72
EPS 0.04 0.86 1.91 2.89

Comparison With Peers:

Name of the Company Revenue (In Crore) PAT (In Crore) EPS ( in Rs) P/E CMP Mcap (In Crore)
Mason Infratech Limited 64 3 1.91 33.4 64 112
Capacit'e Infraprojects Limited 1,799 95 14.04 22.6 320 2,710
Atal Realtech Ltd 41 2 0.29 28.5 8.25 61
* All the data is as per FY23.

Recommendation on Mason Infratech Limited IPO:

Review and Recommendation of Mason Infratech by team IZ is 4/10. 1. Mason Infratech Limited is a real estate construction company specializing in residential and commercial buildings. 2. Core Business Activities Mason Infratech Limited provides comprehensive construction services, including: i. Residential Buildings: Construction of new and redevelopment residential projects. ii. Commercial Buildings: Construction of corporate office buildings and buildings for commercial purposes. iii. Civil Contracts: Execution of civil contracts, lifestyle projects, and high-value standalone buildings. iv. MEP and Finishing Works: Mechanical, electrical, plumbing, and finishing services. The company covers the entire project lifecycle from planning, designing, procurement, construction, to post-construction services. 3. Expertise and Capabilities The company has extensive expertise in constructing both concrete and composite steel structures. It utilizes specialized formwork technologies such as: i. Vertical composite panel system for columns ii. Horizontal composite panel system for slabs iii. Crane-enabled composite table formwork iv. Aluminium composite panel formwork v. Automatic climbing system formwork These technologies help reduce the construction cycle time for high-rise buildings compared to conventional formwork systems. 4. Competitive Landscape Mason Infratech Limited operates in a highly competitive industry where quality, cost, and time of delivery are crucial factors. The competition varies based on the project's scope, scale, complexity, and geographical location. The company faces competition from both pan-India players and strong regional market competitors. 5. The Revenue has Increased from Rs.3 Crores in FY21 to Rs.63 Crores in FY23. 6. The EBITDA has Increased from 27 Lakhs in FY21 to 6 Crores in FY23. 7. The PAT has Increased from 8 Lakhs in FY21 to 3 Crore in FY23. 8. As per FY23, CFO/EBITDA is 1.00, As per FY24, EPS is 3.86, 9. Market Capitalization is 112 Crores & P/E is 16.5x based on FY24.

Lead Manager of Mason Infratech Limited IPO:

  1. Expert Global Consultants Private Limited

Registrar of Mason Infratech Limited IPO:

  1. Kfin Technology Private Limited

Company Address:

Mason Infratech Limited Flat No. 103, Imperia, Mahavir Millenium Vasant Vihar, Pokhran Road, No. 2 Thane - 400610 Phone: +91 88288 24599 Email: info@masoninfra.com Website: https://www.masoninfra.com/

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