PNC Infratech rises after JV bags Rs 2475 cr order

PNC Infratech rose 0.85% to Rs 189.05 after the company said it received letter of award for six new rural drinking water supply projects for an aggregate value of Rs 2475 crore.

PNC Infratech on Monday announced that it has received letter of award for six new rural drinking water supply projects on EPC mode for an aggregate value of Rs 2475 crore in joint venture with SPML Infra.

The scope of work includes survey, design, preparation of DPR, construction, commissioning and maintenance for 10 years for a total village of 2475 in six districts of Uttar Pradesh.

PNC Infra further added that the project is to be constructed and put-on trial in 21 months upon signing of the agreement and operated for 10 years, post commissioning.

Including the above six new projects, the JV secured total eight mandates in the rural drinking water supply so far for an aggregate estimated value over Rs. 3717 crore. The company's share in the JV is 95%.

PNC Infratech 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.

PNC Infratech's net profit tanked 63.5% to Rs 77.79 crore in Q2 September 2020 from Rs 213.30 crore in Q2 September 2019. Net sales fell 6.9% year-on-year to Rs 1,248.46 crore in Q2 September 2020.

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