Nila Infrastructures rallied 3.77% to Rs 10.19 after the company announced that it has secured an additional work order worth Rs 63.52 crore for the ongoing Ramapir No Tekro Slum Rehabilitation Project in Wadaj, Ahmedabad.
The contract, valued at Rs 63.52 crore, has been awarded by Shree Infracon (SIPL) for the finishing work of the redevelopment project.The project, originally awarded by Ahmedabad Municipal Corporation (AMC) to SIPL under the Slum Rehabilitation and Redevelopment Policy 2013 and Pradhan Mantri Awas Yojana (PMAY), aims to provide 1,694 residential flats for slum dwellers.
Nila Infrastructures will be responsible for both material and labor for the finishing work, with a completion timeline of 10 months. Additionally, the company will undertake seven years of operation and maintenance defect liability for all finishing work.
The company emphasized that this contract falls under its regular course of business and is not a related-party transaction.
Prior to this order, the company received work on 5 September 2023, for the construction of 1,694 residential flats (R.C.C. work, masonry work, frame fitting with plaster workmaterial + labor) at Ramapir No Tekro, Wadaj, Ahmedabad.
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Nila Infrastructures is involved in the construction as well as development of infrastructure projects.
The company's consolidated net profit surged 53% to Rs 4.91 crore on 52.6% jump in revenue to Rs 52.34 crore in Q3 FY25 over Q3 FY24.
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