Ramky Infrastructure Secures ₹217 Crore Contracts for Chennai Biomining Project

20 Mar 2024 , 12:42 PM

Ramky Infrastructure Ltd witnessed a rise of over 2% on March 20 after securing two contracts valued at nearly ₹217 Crore from the Greater Chennai Corporation.

The contracts entail the reclamation of the Kodungaiyur dumping ground through biomining and will be executed within a 24-month period.

In December 2023, the company announced the repayment of a debt amounting to ₹755 Crore and obtained an extension for the remaining ₹516.02 Crore.

Ramky Infrastructure’s subsidiary, Srinagar Banihal Expressway (SBEL), reached a one-time debt settlement with lenders for ₹1,245.49 Crore.

By September 30, 2023, the company had paid ₹425 Crore, with an additional ₹330 Crore paid by December 30, 2023, while the due date for the remaining balance of ₹516.02 Crore was extended until January 30, 2024.

The net profit of Ramky Infrastructure surged by 436.47% to ₹36.48 Crore in the quarter ending December 2023, compared to ₹6.80 Crore in the same period the previous year.

Sales also witnessed a rise of 5.70% to ₹440.72 Crore in the three months ended December 2023, compared to ₹416.97 Crore in the corresponding quarter of the previous year.

At the time of writing, shares of Ramky Infrastructure were trading 0.93% higher at ₹457.45 apiece on the National Stock Exchange (NSE).

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