Dilip Buildcon gains on receiving LoA from GMRC

Dilip Buildcon rose 1.79% to Rs 221.20 after the company announced that it has received the letter of acceptance (LoA) from the Gujarat Metro Rail Corporation (GMRC) for a construction project worth Rs 702.02 crore.

The scope of the project entails construction of 8.702 kms elevated viaduct and 7 nos. stations (excl. E&M, architectural finishing and roofing) from Majura Gate to Saroli Dead End under corridor-2 in connection with Surat Metlo Rail Project Phase - I (Pkg-CS-6).

The cost of project is Rs 702.02 crore. The period of completion of the project is 26 months.

Dilip Buildcon is a full-service infrastructure company with construction capabilities in roads & bridges, mining, water sanitation, sewage and dams with a presence in over 19 states.

The company's standalone net profit tumbled 26.7% to Rs 19.80 crore in Q1 FY23 from Rs 27.02 crore posted in Q1 FY22. Revenue from operations jumped 22.1% to Rs 2,621.52 crore in the first quarter as against Rs 2,146.26 crore recorded in the same period last year.

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