Construction engineering company Ashoka Buildcon Ltd on Monday (January 6) said its wholly-owned subsidiary Ashoka Bowaichandi Guskara Road Private Ltd, has executed a concession agreement with the National Highways Authority of India (NHAI) for the development of a four-lane economic corridor in West Bengal.
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“…Ashoka Buildcon Ltd (the Company) informs that Ashoka Bowaichandi Guskara Road Private Ltd (SPV), a wholly owned subsidiary of the Company has executed a Concession Agreement with National Highways Authority of India (NHAI) on January 06, 2025, for the Project viz. for Development of 4 lane Economic Corridor from Bowaichandi to Guskara-Katwa Road Section Km 89.814 to Km 133.000 of NH 116A (Package-3) in the state of West Bengal under Hybrid Annuity Mode (Project),” the company said in a regulatory filing.
The project, which involves the construction of the Bowaichandi to Guskara-Katwa Road Section on NH 116A, is valued at ₹1,391 crore and will be executed under the hybrid annuity mode.
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The project is expected to be completed within 910 days, including the monsoon period. The SPV (special purpose vehicle) has been incorporated specifically for the execution of this project as per the requirements of the concession agreement.
Ashoka Buildcon reported a 334.27% year-on-year (YoY) jump in net profit at ₹462.5 crore for the second quarter that ended September 30, 2024. In the year-ago period, Ashoka Buildcon posted a net profit of ₹106.5 crore.
Revenue from operations increased 15.5% to ₹2,489 crore against ₹2,154.3 crore in the corresponding period of the preceding fiscal.
At the operating level, EBITDA jumped 65.8% to ₹905.3 crore in Q2 of this fiscal over ₹546 crore in the same quarter last fiscal. The EBITDA margin stood at 36.4% in the reporting quarter versus 25.3% in the corresponding period in FY24. EBITDA is earnings before interest, tax, depreciation, and amortisation.
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Shares of Ashoka Buildcon Ltd ended at ₹281.60, down by ₹23.70, or 7.76%, on the BSE.
(Edited by : Shoma Bhattacharjee)
