Ashoka Buildcon stock flies 8% after Co receives LoA worth Rs 3,982 cr
Source: Business Standard
Shares of civil construction firm Ashoka Buildcon rose as much 8 per cent at Rs 272 per share on the BSE in Monday’s intraday trade. Ashoka Buildcon share price surged after the construction company bagged a letter of acceptance (LoA) for projects worth Rs 3,982.25 crore from the Maharashtra State Road Development Corporation.
The projects include the City & Industrial Development Corporation of Maharashtra (CIDCO) in Joint Venture, for a total consideration of Rs 1,673.25 Crore, excluding GST.
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The company also received LoAs for the construction of major bridges in Ratnagiri district, Maharashtra. These include a bridge across Jaigad Creek on the Revas Reddi Coastal Highway at an accepted bid price of Rs 715.99 crore, and another across Kundalika Creek between Revdanda and Salav on the same highway, at Rs 1,284 crore.
Additionally, Ashoka Buildcon secured an LoA for the construction of a bridge across Bankot Creek, connecting Kolmandla in Raigad to Veshvi, at an accepted bid price of Rs 310 crore.
The company is engaged in the business of construction of infrastructure facilities on engineering procurement and construction basis (EPC) and built operate and transfer (BOT) basis and sale of ready mix concrete.
Ashoka Buildcon share price history
Ashoka Buildcon share price has outperformed the market as it has risen 91.6 per cent year to date, while gaining 100.8 per cent in the last one year. In comparison BSE Sensex has risen 13.3 per cent year to date and 23.5 per cent in a year.
The company has a total market capitalisation of Rs 7,357.76 crore. Its shares are trading at a price to earnings multiple of 15.13 times at an earning per share of Rs 16.64.
At 10:06 AM, the stock price of the company advanced by 1.20 per cent at Rs 308 a piece on the BSE. By comparison, the BSE’s Sensex was down 0.27 per cent to 81,387.15 level.
Ashoka Buildcon financials
Ashoka Buildcon reported a 148 per cent increase in its standalone net profit for Q1FY25, reaching Rs 40.80 crore, compared to Rs 16.40 crore in the same quarter last year.
The company’s total income grew by 22 per cent year-on-year (YoY) to Rs 1,900.80 crore, up from Rs 1,557.20 crore in the corresponding period. Additionally, the Ebitda margin improved by 150 basis points (bps), rising to 7.6 per cent from 6.1 per cent.
First Published: Oct 14 2024 | 10:16 AM IST
