HG Infra Shares Surge Post GUVNL Battery Project Acquisition

6 Jan 2025 , 10:23 AM

The company received a Letter of Intent (LOI) from Gujarat Urja Vikas Nigam Ltd for 250 MW/500 MWH out of the project for setting up 500 MW/1000 MWh standalone battery energy storage systems in Gujarat under tariff-based global competitive bidding (Phase-IV) with viability gap funding support. As a result, HG Infra Engineering shares will continue to be of interest on Monday.

The project is expected to be finished in eighteen months.

For the second quarter ending September 30, 2024, HG Infra Engineering reported a 16% year-over-year (YoY) decline in net profit at Rs 80.7 crore. According to a regulatory filing, HG Infra Engineering reported a net profit of Rs 96.1 crore for the equivalent quarter of the previous fiscal year.

The company’s operating revenue dropped 5.5% year over year to Rs 902.4 crore from Rs 954.5 crore.

EBITDA decreased by 0.3% to Rs 219.5 crore in the second quarter of this fiscal year compared to Rs 220.1 crore in the second quarter of FY24.

In the reporting quarter, the EBITDA margin was 24.3%, up from 23% during the previous year. Earnings before interest, taxes, depreciation, and amortization is known as EBITDA.

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