Ashoka Buildcon and arm to sell 11 SPVs for ₹2,324 Crore

31 Dec 2024 , 11:48 AM

Ashoka BuildCon announced On Tuesday, December 31, that the business and its substantial subsidiary Ashoka Concessions agreed to sell 11 special purpose vehicles (SPVs) to Epic Concesiones 2 Pvt Ltd, Infrastructure Yield Plus II, Infrastructure Yield Plus IIA, and EAAA India Alternatives Ltd.

The corporation and its subsidiary are selling SPVs for around ₹2,324 Crore. 

The company received a letter of award from the National Highways Authority of India (NHAI) for a project worth ₹1,391 Crore.

The contract outlines the construction of a four-lane economic corridor from Bowaichandi to Guskara-Katwa Road (km 89.814 to km 133) along NH-116A in West Bengal using a hybrid annuity mode. The project will be completed in 910 days, including the monsoon season.

Ashoka Buildcon reported a 334.27% YoY jump in its Q2FY25 net profit to ₹462.5 Crore. It reported a net profit of ₹106.5 Crore in the previous corresponding period. Revenue from operations increased by 15.5% to ₹2,489 Crore, against ₹2,154.3 Crore in the same period previous year.

The company’s EBITDA in the period under review grew by 65.8% to ₹905.3 Crore from ₹546 Crore in the same quarter the previous year. The EBITDA margin was 36.4% in the reporting quarter, compared to 25.3% in the same period in FY24.

At around 9.38 AM, Ashoka Buildcon was trading 0.35% higher at ₹314.30, against the previous close of ₹313.19 on NSE. The counter touched an intraday high and low of ₹319, and ₹308.20, respectively.

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