PNC Infratech surges on receiving bonus for early completion of road project

PNC Infratech jumped 11.46% to Rs 271.85 after the EPC company announced the receipt of Rs 37.02 crore towards bonus for early completion of one of its EPC projects from Uttar Pradesh Expressways Industrial Development Authority (UPEIDA).

The project involved development of Purvanchal Expressway (Package VI) in the state of Uttar Pradesh.

The project was completed on 30 November 2021, 97 days ahead of the scheduled completion date. Accordingly, bonus of Rs 37 crore calculated at 0.04% of the contract price of Rs 954 crore, for each day of early completion has been received by the company.

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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