PNC Infratech advances on receiving bonus for early completion of road project

17 Mar 2022 , 10:24 AM

The project involved development of Purvanchal Expressway (Package V) from Sansarpur (Dist. Sultanpur) to Gobindpur (Dist. Azamgarh) Km, in the state of Uttar Pradesh.

The project was completed on 26 October 2021, one hundred thirty-two (132) days ahead of the scheduled completion date. Accordingly, bonus @ 0.04% of the contract price (Rs 1,566 crore), for each day of early completion has been received by the company as per terms of the contract agreement.

PNC Infratech is engaged in infrastructure development through the construction of highways including BOT (built, operate and transfer projects), airport runways, bridges, flyovers and power transmission projects among others.

The companys consolidated net profit declined 52.89% to Rs 82.98 crore despite an 8.84% rise in sales to Rs 1721.82 crore in Q3 FY22 over Q3 FY21.

Powered by Capital Market – Live News