26 Nov , 2024 By : Debdeep Gupta
Krystal Integrated Services saw its shares rise over 4 percent after securing a Rs 106-crore contract from the Brihanmumbai Municipal Corporation (BMC) to enhance the operational efficiency of Mumbai's public services.
At 10:30 AM, shares of Krystal traded nearly 4 percent higher at Rs 770. On a year-to-date basis, the stock has gained over 7 percent, underperforming the Nifty 50, which gained over 11 percent during the same period.
The three-year contract, with an option for annual renewal, involves providing comprehensive attendant manpower services for BMC's Education and Security Departments.
"This achievement marks a major milestone in our strategic growth and expansion within key public sector services," the company said in an exchange filing.
Krystal said that the contract strengthens the company's role as a partner in urban management and public welfare. It also provides a stable revenue stream for the company and reinforces the company's presence in vital governmental services, particularly in education and security operations. The order enhances the company's reputation as a reliable provider of large-scale, essential public services.
Moreover, it aligns with the company's goals of diversifying its service portfolio and building deeper relationships with government entities.
"We have initiated the necessary preparations to deploy our resources and ensure timely execution of this contract. Further updates on the progress and performance of this project will be communicated in due course to our investors and stakeholders," Krystal said.
Krystal specializes in Integrated Facilities Management (FMS), with a strong emphasis on the healthcare, education, and public administration sectors.
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