Ashoka Buildcon gets provisional certificate for NHAI project

Ashoka Buildcon has declared 19 November 2022 as the Commercial Operation Date (CoD) for its Hybrid Annuity Mode (HAM) project of National Highways Authority of India (NHAI).

The project calls for four laning of NH-161 in Telangana under Bharatmala Pariyojna on hybrid annuity mode. The project is executed by Ashoka Kandi Ramsanpalle Road (SPV) a wholly owned subsidiary of the company.

Consequent to the declaration of CoD, the SPV is eligible for receipt of annuity payments from NHAI for the operation period of 15 years at the interval of every 6 months from the date of achievement of CoD. The company also announces that the said SPV has received a provisional certificate for completion of 37.92 KMs out of total project highway length of 39.980 KMs.

Ashoka Buildcon is presently engaged in the business of construction of infrastructure facilities on engineering, procurement and construction basis (EPC) and built, operate and transfer (BOT) basis and sale of ready mix concrete.

The company's consolidated net profit declined 20.4% to Rs 63.66 crore despite of 42.9% rise in net sales to Rs 1,807.69 crore in Q2 FY23 over Q2 FY22.

The scrip rose 0.57% to Rs 88 on the BSE.

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