Infrastructure development company Ashoka Buildcon on Monday announced that it has received a Notification of Award (NoA) from the Ministry of Road Transport and Bridges (MORTB), Government of Bangladesh.
The value of the order is $80.2 million.
The contract pertains to the improvement of Baraiyerhat - Heanko - Ramgarh Road (R151 and R152). The work involves widening and reconstruction of existing pavements of the road.
The company recently received a provisional certificate for the National Highways Authority of India’s (NHAI) project under the Bharatmala Pariyojna in Telangana. The company will be involved in the designing, engineering, building, financing, procurement, construction, development, commissioning, operation, and maintenance of the project. The company received the provisional certificate for 37.92 km out of the total project highway length of 39.980 km.
At the beginning of the month, Ashoka Buildcon reported its December quarter earnings. The company’s net profit dropped nearly 65% to Rs 136.1 crore against Rs 293 crore in the same quarter last year. The company also saw a contraction in its margin at 25.1% as compared to 27.7% in the same quarter last year. However, the EBITDA surged 23% to Rs 490 crore as compared to Rs 398.4 crore in the year-ago quarter.
Shares of Ashoka Buildcon ended 0.33 percent higher at Rs 75.55 on Monday.
(Edited by : Rukmani Krishna)
First Published: Feb 27, 2023 4:46 PM IST
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