Ashoka Buildcon rises after emerging as L-1 bidder for BMC project worth Rs 918 crore

Ashoka Buildcon added 1.68% to Rs 248.35 after the company announced that it has been declared as the lowest (L-1) bidder by Brihanmumbai Municipal Corporation (BMC) for a project worth Rs 918 crore.

In a regulatory filing made during market hours today, the company informed that it had submitted bid for the Project to Brihanmumbai Municipal Corporation (BMC).

Further to apprise that the company has been declared as the lowest bidder (L-1) for the said project. The quoted bid price for the project is Rs 918 crore.

The project involves constructing a flyover at the T-junction on the Sion-Panvel Highway in Mumbai's M/E Ward. The project has to be executed within a period of 30 months.

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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