G R Infraprojects rallies after securing letter of award for five new projects

G R Infraprojects jumped 3.27% to 1551.75 after the company announced that it has received Letter of Award (LoA) for five projects worth Rs 5,774 crore from National Highways Authority of India.

The scope of the first project involves the construction of four lane greenfield expressway from Delhi-Vadodara near Bandikui to Jaipur in Rajasthan. The bid project cost is Rs 1,368 crore and the project is expected to be completed within 730 days from the appointment date. The operational period will be 15 years from the commercial operation date.

The second project entails the upgradation of four lane with paved shoulder of NH-341 from Bhimasar, Junction of NH-41 to Anjar - Bhuj upto Airport Junction in Gujarat. The bid project cost is Rs 1,085 crore, with the completion period of 910 days and the operation period of 15 years.

The third project covers the construction of four laning of NH-71 from Madanapalli to Pileru in Andhra Pradesh under Bharatmala Pariyojna. The bid project cost is Rs 1,577 crore and the completion period is 730 days from the appointment. The operational period will be 15 years from the commercial operation date.

The scope of the fourth project involves four laning of existing two lane stretch from Govindpur to Rajura in Maharashtra. The length of the road is 56.180 km and the bid project cost is worth Rs 907 crore. The completion period for the said project is 730 days and the operational period is 15 years.

The last project entails four laning of existing two-lane stretch from Bamni to MH/TG Border section of NH-930D in Maharashtra. The bid project cost is Rs 837 crore. The project is expected to be completed within 730 days from the appointment date. The operational period will be 15 years from the commercial operation date.

All projects are to be constructed under hybrid annuity mode.

G R Infraprojects is an integrated road engineering, procurement and construction (EPC) company largely focused on road sector. The company has also recently diversified into projects in the railway sector. The road construction company's consolidated net profit slumped 65.4% to Rs 146.44 crore on a 20% drop in net sales to Rs 1,979.70 crore in Q3 FY22 over Q3 FY21.

Shares of the G R Infra have rallied 7.57% in three trading sessions from its previous closing low of Rs 1,442.55 posted on 25 March 2022. The counter hit an all time high of Rs 2,277 on 25 October 2021. The stock has zoomed nearly 24% from its 52-week low of Rs 1,249.70 recorded on 7 March 2022.

In last one month, the stock has moved nearly 14.8% higher outperforming the Nifty 50 index which rose 5.37% in the same period.

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