PNC Infratech JV secures water supply project in UP

PNC Infratech said it has been declared as the lowest (L1) bidder in joint venture with SPML Infra for a water supply project in Uttar Pradesh.

The contract is for construction of Haraulipur Group of Villages (125 Nos) water supply project comprising surface and ground water supply schemes and allied works including commissioning, operation and maintenance for 10 years in the Hamirpur district of Uttar Pradesh.

The project size is Rs 289.83 crore. PNC Infratech's share in the joint venture is 95%.

PNC Infratech posted a 46.3% drop in consolidated net profit to Rs 94.79 crore on a 28.3% decline in net sales to Rs 1,092.81 crore in Q1 June 2020 over Q1 June 2019.

Share of PNC Infratech slipped 0.22% at Rs 162.10 on BSE. The scrip has doubled from its 52-week low of Rs 80.85 hit on 25 March 2020.

The company is engaged in infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others.

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