Ashoka Buildcon gains on bagging projects aggregating to Rs 3,983 cr

Ashoka Buildcon gained 4.71% to Rs 263.65 after the company said that it has received letter of acceptance (LoA) for projects totalling to Rs 3,983.24 crore from the Maharashtra State Road Development Corporation (MSRDCL).

The company received engineering, procurement and construction (EPC) work of Rs 310 crore for construction of major bridge across Bankot Creek between Kolmandla, District Raigad to Veshvi on Revas Reddi Costal Highway No. 5 in Ratnagiri District of Maharashtra.

Further, the company also received LoA for construction of major bridge across Jaigad Creek between Tawsal and Jaigad on Revas Reddi Coastal Highway (SH (special) No. 5 in Ratnagiri District on EPC Mode in Maharashtra. The cost of the project stood at Rs 715.99 crore.

Lastly, the civil construction company received another LoA for construction of major bridge across Kundalika Creek between Revdanda to Salav on Revas Reddi Coastal Highway No. 5 in Ratnagiri District for Rs 1,284 crore.

All these projects are to be executed in 36 months.

Meanwhile, the firm also received LOA from City & Industrial Development Corporation of Maharashtra (CIDCO) in joint venture, where the company is lead member of JV.

The project entails integrated infrastructure development of 20M & above wide roads, construction of various major & minor structures (Viz. flyover, minor bridges, VUPS, PUPS etc.) and allied electrical works (street light) in TPS - 10 & TPS - 11 under NAINA Project. The accepted bid price for the project is Rs 1,673.25 crore and is to be executed in 1,460 days.

Ashoka Buildcon is engaged in construction & maintenance of roads and supporting services to land support-operation of toll roads.

The company has reported a standalone net profit of Rs 40.8 crore in Q1 FY25, which is significantly higher as compared with Rs 16.4 crore in Q1 FY24. Total income jumped 22% YoY to Rs 1,900.8 crore during the period under review.

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