PNC Infratech soars on bagging road contracts worth Rs 4,384 crore

PNC Infratech jumped 13.04% to Rs 277.05 after the company was declared as the L-1 (lowest) bidder for three hybrid annuity modelled national highway projects of NHAI for an aggregate bid project cost of Rs 4,384 crore.

The first project involves construction of six lane upgradable to eight lane of package-I of Kanpur-Lucknow Expressway in Uttar Pradesh on hybrid annuity mode under Bharatmala Pariyojana. The project bid cost is Rs 1,413 crore and the construction period is 30 months.

The second project entails construction of six lane upgradable to eight lane of package-II of Kanpur Lucknow Expressway in Uttar Pradesh on hybrid annuity mode under Bharatmala Pariyojana. The project bid cost is Rs 1,513 crore and the construction period is 30 months.

The third project demands four laning of Sonauli - Gorakhpur section of NH-29E on hybrid annuity mode in Uttar Pradesh. The project bid cost is Rs 1,458 crore and the construction period is 24 months.

The projects are to be operated for 15 years post completion of construction.

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.

The company's consolidated net profit declined 52.89% to Rs 82.98 crore despite an 8.84% rise in sales to Rs 1721.82 crore in Q3 FY22 over Q3 FY21.

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