Ashoka Buildcon rises on bagging projects worth Rs 2,968 cr

Ashoka Buildcon gained 3.71% to Rs 89.35 after the company said that it has received letters of intent (LoI) for two projects from Dakshinanchal Vidyut Vitran Nigam and it has also emerged as the lowest bidder (L-1) for a project by NHAI.

The company received a LoI for development of distribution infrastructure at Aligarh-2 Zone of Uttar Pradesh State under revamped reforms-based and results-linked, distribution sector scheme- GPS survey, design, supply, installation, GIS, assest mapping, testing and commissioning of works related to loss reduction on turnkey basis under revamped distribution sector scheme (RDSS).

The second LoI comprises development of distribution infrastructure at Agra-1 Zone, District Agra, Mainpuri & Firozabad of Uttar Pradesh State Under revamped reforms-based and results-linked distribution sector scheme.

The civil construction company said that the aggregate accepted bid project value for the projects stood at Rs 807.64 crore.

Further, the company emerged as the lowest bidder (L-1) for the project by National Highway Authority of India (NHAI). The project entails construction of four lane elevated corridor and at grade improvements from Bihta section with providing connectivity to the existing RoB near Danapur station & at-grade improvements to four lane section on Danapur side and upgradation of existing two lane carriageway to four lane carriageway of Bihta - Koilwar section (total length 25.081 kms) in the state of Bihar on EPC Mode. The bid value of the project is Rs 2,161 crore.

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 on 42.9% increase in net sales to Rs 1,807 crore in Q2 FY23 over Q2 FY22.

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