Ashoka Buildcon hits life high on emerging as L-1 bidder for Rs 2,153-cr projects

Ashoka Buildcon rallied 6.66% to Rs 195.70 after it emerged declared as the lowest (L-1) bidder for the two projects awarded by Maharashtra State Road Development Corporation (MSRDC) aggregating up to Rs 2,152.72 crore.

The first project includes construction of Major Bridge across Jaigad Creek between Tawsal and Jaigad on Revas Reddi Coastal Highway No. 5 in Ratnagiri district on engineering, procurement and construction (EPC) mode in Maharashtra. The cost of the project is Rs 794.85 crore.

The subsequent project includes construction of major bridge across Kundalika Creek between Revdanda to Salav on Revas Reddi Coastal Highway in Ratnagiri district in Maharashtra. The cost of the project is Rs 1,357.87 crore.

Both the projects are to be executed in 36 months including Monsoon.

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

The company reported consolidated net profit of Rs 249.63 crore in Q4 FY24 as against net loss of Rs 41.89 crore in Q4 FY23. Revenue from operations rose 24.65% YoY to Rs 3,051.87 crore in the quarter ended March 2024.

The scrip hit an all-time high at Rs 199.20 in intraday session today.

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