Ashoka Buildcon unit inks pact with NHAI for ₹1,391 Crore

7 Jan 2025 , 09:18 AM

Ashoka Buildcon Ltd, a construction engineering company, announced on Monday (January 6) that its wholly-owned subsidiary, Ashoka Bowaichandi Guskara Road Private Ltd, has signed a concession agreement with the National Highways Authority of India (NHAI) to develop a four-lane economic corridor in West Bengal.

The building of the Bowaichandi to Guskara-Katwa Road Section on NH 116A is valued at ₹1,391 Crore and will be performed under the hybrid annuity model.

The project is expected to be finished within 910 days, including the monsoon season. The SPV (special purpose vehicle) was formed particularly for the purpose of carrying out this project in accordance with the terms of the concession agreement.

Ashoka Buildcon reported an increase of 334.27% YoY in net profit to ₹462.5 Crore for the second quarter ended September 30, 2024. Ashoka Buildcon reported a net profit of ₹106.5 Crore in the previous corresponding period.

The company’s revenue from operations jumped by 15.5% to ₹2,489 Crore, up from ₹2,154.3 Crore in the previous corresponding period.

In the second quarter of FY25, EBITDA grew by 65.8% to ₹905.3 Crore from ₹546 Crore in the same quarter the previous year. The company said that EBITDA margin came in at 36.4% in the reporting quarter, compared to 25.3% in the same period in FY24.

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