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Ashoka Buildcon stock touched a high of Rs 244 - up 4.2 per cent in intra-day deals on Wednesday after the company announced its Q1 results. The stock, however, soon pared gains.
At 11 AM, the stock was up 0.5 per cent at Rs 235.50 on the back of 1.10 lakh shares traded at the counter as against the two-week average volume of around 1.50 lakh shares on the BSE. In comparison, the BSE Sensex was up 0.1 per cent or 62 points at 79,019.
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Ashoka Buildcon in an exchange filing today reported 148 per cent growth in Q1 standalone net profit at Rs 40.80 crore when compared with Rs 16.40 crore in the corresponding quarter a year ago.
Total income increased by 22 per cent year-on-year (YoY) to Rs 1,900.80 crore from Rs 1,557.20 crore in the same comparable period. EBITDA margin rose by 150 basis points (bps) to 7.6 per cent from 6.1 per cent.
Further, the company's release stated that its order book, excluding L1 project of Rs 3,434 crore, stood at Rs 10,356 crore at the end of June 2024. Road EPC projects (Rs 3,694 crore) and Power T&D (Rs 4,424 crore) accounted for almost 78 per cent order book.
Ashoka Buildcon is a Fortune India 500 company and one of the leading highway developers in India. The company is an integrated EPC, BOT and HAM player. The company has experience of more than 28 years in the field of construction and infrastructure development. The Company has executed / been executing 41 PPP Projects and has presence over 20 states in the country.
So far in the month of August, the company has emerged as Lowest Bidder for two Projects (EPC) of Mumbai Metropolitan Region Development Authority (MMRDA) - Proposal for Design and Construction of Creek Bridge from Kolshet to Kalher for Rs 289.60
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crore; and proposal for Design and Construction of Creek Bridge from Gaimukh to Payegaon worth Rs 991.20 crore.
Meanwhile, on the charts, the stock is seen trading close to its 50-day daily moving average, which stands at Rs 233.
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