Vishnu Prakash R Punglia Bags ₹78 Crore Project from Jaipur Development Authority

14 Jul 2025 , 02:35 PM

Vishnu Prakash R Punglia Ltd has secured a new infrastructure project from the Jaipur Development Authority (JDA), valued at ₹77.9 crore. The company said on Saturday that it received a Letter of Acceptance dated July 12 for the construction of a Road Over Bridge (ROB) at Saligrampura Phatak, located along the Jaipur–Sawai Madhopur railway line in Zone-14 of JDA’s jurisdiction.

The EPC firm clarified that the project is part of its regular business operations and falls within its core infrastructure development portfolio.

The new order comes shortly after a rating downgrade by CARE Ratings, which revised its outlook on the company’s bank facilities. In its latest report, CARE downgraded VPRPL’s long-term bank facilities worth ₹200 crore to ‘CARE BBB’ with a negative outlook. The rating was lowered from ‘CARE BBB+’ with a stable outlook.

Additionally, the company’s long- and short-term bank facilities amounting to ₹760 crore were revised downward to ‘CARE BBB’ and ‘CARE A3’, both carrying a negative outlook. These were previously rated ‘CARE BBB+’ and ‘CARE A3+’ with a stable outlook.

The revision, according to CARE, reflects rising pressure on the company’s working capital cycle during FY25, which has increased its reliance on borrowings and weakened its liquidity position. CARE also flagged a lower-than-anticipated scale of operations in the previous financial year as a contributing factor to the outlook change.

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