HG Infra Engineering Ltd on Friday (November 22) announced the receipt of a Letter of Award (LoA) from NTPC Vidyut Vyapar Nigam Ltd under the tariff-based global competitive bidding process.
The project involves the procurement and installation of 500 MW/1000 MWh standalone battery energy storage systems across India, supported by viability gap funding.
HG Infra will handle 185 MW/370 MWh of the total capacity at a tariff rate of ₹2,38,000 per MW per month. The project is valued at approximately ₹1,110 crore and has a completion timeline of 1.5 years.
Also Read: HG Infra Engineering successfully bids for ₹781 crore road project in Gujarat
HG Infra Engineering reported a 16% year-on-year (YoY) dip in net profit at ₹80.7 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, HG Infra Engineering posted a net profit of ₹96.1 crore.
The company’s revenue from operations fell 5.5% YoY to ₹902.4 crore over ₹954.5 crore. At the operating level, EBITDA dipped 0.3% to ₹219.5 crore in the second quarter of this fiscal over ₹220.1 crore in Q2 of FY24.
The EBITDA margin stood at 24.3% in the reporting quarter compared to 23% in the prior year period. EBITDA is earnings before interest, tax, depreciation, and amortisation.
Also Read: Promoters sell 2.8% stake in H.G. Infra Engineering for ₹281 crore
In August this year, HG Infra Engineering emerged as the lowest bidder (L1) for a road upgrade project in Gujarat. The project involves upgrading the existing six-lane road, including an elevated corridor, spanning from Narol junction to Sarkhej junction along National Highway 47 in the state.
The estimated project cost as per the Road Transport Ministry (MoRTH) is ₹883.24 crore, with HG Infra’s bid coming in at ₹781.11 crore. The project will be executed under the hybrid annuity mode (HAM), covering a length of 10.63 km. The construction period is expected to be 2.5 years.
Shares of HG Infra Engineering Ltd ended at ₹1,276.15, down by ₹3.60, or 0.28%, on the BSE.
(Edited by : Shoma Bhattacharjee)
