IRCON emerge L-1 bidder for canal project

The construction company said it emerged as the lowest bidder (L1) for construction of balance work of Bahuti Canal project on turnkey basis.

The work includes completion of earth work of main canal system from RD 18 to 74 km & other ancillary activities.

The project was floated by Government of Madhya Pradesh - Water Resources Department on competitive bidding. The quoted value of the project is approximately Rs 392.52 crore. The project duration is 36 months and MOM (Management, Operation and Maintenance) period will be 60 months.

"The Letter of Award is yet to be issued by Government of Madhya Pradesh - Water Resource Department," the company said.

IRCON International is a public sector construction company, with emphasis on infrastructure projects, with specialization in execution of Railway projects on turnkey basis and otherwise. The Government of India (GoI) held 73.18% in the company at the end of September 2022.

On a consolidated basis, the company's net profit rose 38.3% to Rs 174.18 crore in Q2 FY23 on 47% jump in revenue from operations to Rs 2,238.85 crore in Q2 FY23 over Q2 FY22.

The IRCON scrip was down 3.13% at Rs 55.70 on the BSE.

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