Ashoka Buildcon rises on bagging projects worth Rs 755 cr

Ashoka Buildcon gained 2.21% to Rs 90.10 after the company announced that it has received notification of award for three projects worth Rs 754.57 crore from Madhya Pradesh PoorvKshetra Vidyut Vitaran Company (MPPKVVCL).

The civil construction company said that it had submitted its bid to the MPPKVVCL for the projects. The aggregate accepted bid project cost for the projects is Rs 754.57 crore.

The scope of the projects entails supplying, installation, testing and commissioning of new 11 kilovolt (KV) lines, LT Line on AB cable, distribution transformer substation and supporting works such as DPs, TPs, crossing etc. for separation of 11 KV mix feeders & mix DTRs under revamped reforms-based and results-linked distribution sector (Package-06) and (Package-08) in Balaghat circle and Satna circle respectively, of MPPKVVCL, Jabalpur company area.

The subsequent project comprises supplying, installation, testing and commissioning of new 11 kv lines, LT lines on AB cables, distribution transformer sub stations and supporting works under revamped reforms-based and results linked distribution sector package 7 in Rewa circle of MPPKVVCL, Jabalpur company area.

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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