On December 30, 2024, ITCONS E-Solutions Limited made a significant announcement regarding the award of a new contract. As per Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company disclosed that it has been awarded a manpower services contract by the National Automotive Board, which operates under the Department of Heavy Industry, Ministry of Heavy Industries and Public Enterprises.

This contract will see ITCONS E-Solutions provide manpower services for a period of two years, beginning from January 1, 2025, and concluding on December 31, 2026. The total contract value, including all taxes and duties, amounts to INR 3,36,94,472.20, or Rupees Three Crore Thirty-Six Lakh Ninety-Four Thousand Four Hundred Seventy-Two and Twenty Paisa Only. This contract is seen as a major opportunity for ITCONS to showcase its expertise in manpower services while collaborating with a significant government body.

Details of the Award

According to the SEBI Circular SEBI/HO/CFD/CFD-PoD-1/P/CIR/2023/123, the details provided by ITCONS E-Solutions regarding the contract are as follows:

• Entity Awarded the Contract: The contract has been awarded to ITCONS E-Solutions by the National Automotive Board, a part of the Ministry of Heavy Industries and Public Enterprises.
• Type of Entity: The contract has been awarded to a domestic entity, with no involvement from international parties.
• Terms of the Contract: ITCONS E-Solutions will provide manpower services on a contractual basis for two years. The start date of the service will be January 1, 2025, and the end date will be December 31, 2026.
• Contract Value: The total value of the contract, including taxes and duties, is INR 3,36,94,472.20.
• Promoter/Group Interest: There is no involvement of the promoter or group companies of ITCONS E-Solutions in the awarding entity, ensuring the contract is free from any related-party transactions.
• Related Party Transactions: The contract does not fall under related party transactions, and there are no concerns regarding arm’s length compliance.

This contract marks a significant milestone for ITCONS E-Solutions, demonstrating its growing capabilities and strong presence in the manpower services domain. The contract award comes at a time when the company is looking to expand its business offerings and build new partnerships with government entities.

Regulatory Compliance

As required under SEBI’s regulations, ITCONS E-Solutions has made the necessary disclosure to the BSE and NSE, ensuring full compliance with SEBI’s disclosure requirements for listed entities. The company has provided all necessary details as per SEBI’s guidelines, ensuring transparency and accuracy in reporting the contract award to its stakeholders.

Conclusion

The award of this contract further solidifies ITCONS E-Solutions' position in the manpower services industry and offers it an exciting opportunity to work with a prestigious government body. This win is expected to contribute positively to the company’s financial performance and long-term growth. By securing this INR 3.37 crore contract, ITCONS is well-positioned to enhance its market reputation and expand its client base within the government sector.

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