HG Infra Bags ₹1,110 Crore Battery Storage Project

22 Nov 2024 , 10:16 PM

HG Infra Engineering Ltd. has received a Letter of Award (LoA) from NTPC Vidyut Vyapar Nigam Ltd. dated 22nd November 2024 for tariff-based global competitive bidding process.

Scope of the project that is being awarded: Standalone battery energy storage systems of 500 MW/1000 MWh in India. The project capacity will be managed by HG Infra Engineering to total 185 MW/370 MWh at the tariff rate of ₹2,38,000 per MW per month. Total value of the project is estimated at ₹1,110 crore and completion will take 1.5 years.

HG Infra reported a year-on-year decline of 16 percent in net profit at ₹80.7 crore for Q2 FY25 against ₹96.1 crore for Q2 FY24. Revenue from operations declined by 5.5% year over year at ₹902.4 crore in Q2 FY25 from ₹954.5 crore in Q2 FY24. EBITDA for the quarter declined marginally by 0.3% to ₹219.5 crore in Q2 FY25 over ₹220.1 crore in Q2 FY24 EBITDA margin expanded at 24.3% in Q2 FY25 from 23% during the same time last year thus reporting improved operating efficiencies.

HG Infra emerges as the lowest bidder (L1) for an upgrade road project in Gujarat sanctioned by Ministry of Road Transport and Highways (MoRTH) in August 2024 The Gujarat project is upgrading a six-lane highway with an elevated corridor on National Highway 47 between Narol junction and Sarkhej junction.

The lowest bid for the Gujarat project comes from HG Infra at ₹781.11 crore, as against the ministry estimate of ₹883.24 crore. Project length is 10.63 km and shall be done on HAM mode with a construction period of 2.5 years.