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PNC Infratech surges 5% on securing Rs 6.99 billion order
ECONOMY & POLICY

PNC Infratech surges 5% on securing Rs 6.99 billion order

01 Mar 2024 2 Min Read CW Team
Shares of PNC Infratech, an infrastructure company, experienced a 5% surge, this increase was announced in an exchange filing where the company stated that it had received a Letter of Acceptance from the Madhya Pradesh Public Works Department.

According to the company's filing, the LoA is related to the construction of a four-lane elevated corridor/flyover from Maharani Laxmibai Pratima to A.B. Road (N.ll. 46) near Girwai Police Chouki on the Swarn Rekha River in Gwalior City (2nd phase) in the state of Madhya Pradesh. The project is set to be executed on an engineering, procurement, and construction (EPC) basis, with a total order value of Rs 6.99 billion.

In January, PNC Infratech was also granted the contract for constructing the Western Bhopal Bypass, entailing the development of a 4-lane road with paved shoulders along with service roads. The total cost for this project amounts to Rs 11.74 billion.

The company has established itself as a leading player in the EPC sector within the road industry over the years. It has diversified its revenue streams to include other segments like water supply and irrigation.

The company is well-positioned to capitalize on the government?s ambitious plans for highway and expressway development. The National Highways Authority of India (NHAI) is prioritizing greenfield expressways, presenting significant potential in both EPC and HAM modes.

Government initiatives such as Bharatmala Pariyojana, Sagarmala, the Atal Mission for Rejuvenation and Urban Transformation, the Jal Jeevan Mission, and the Prime Minister?s Gati Shakti National Master Plan are expected to enhance the infrastructure sector, according to the domestic brokerage firm Axis Securities.

The company's shares have delivered positive returns over the past three years, with a 30% increase so far this year.

In Q3 FY24, the company reported a 32.14% YoY increase in its consolidated net profit, reaching Rs 1.85 billion compared to Rs 1.40 billion in the year-ago quarter.

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Shares of PNC Infratech, an infrastructure company, experienced a 5% surge, this increase was announced in an exchange filing where the company stated that it had received a Letter of Acceptance from the Madhya Pradesh Public Works Department. According to the company's filing, the LoA is related to the construction of a four-lane elevated corridor/flyover from Maharani Laxmibai Pratima to A.B. Road (N.ll. 46) near Girwai Police Chouki on the Swarn Rekha River in Gwalior City (2nd phase) in the state of Madhya Pradesh. The project is set to be executed on an engineering, procurement, and construction (EPC) basis, with a total order value of Rs 6.99 billion. In January, PNC Infratech was also granted the contract for constructing the Western Bhopal Bypass, entailing the development of a 4-lane road with paved shoulders along with service roads. The total cost for this project amounts to Rs 11.74 billion. The company has established itself as a leading player in the EPC sector within the road industry over the years. It has diversified its revenue streams to include other segments like water supply and irrigation. The company is well-positioned to capitalize on the government?s ambitious plans for highway and expressway development. The National Highways Authority of India (NHAI) is prioritizing greenfield expressways, presenting significant potential in both EPC and HAM modes. Government initiatives such as Bharatmala Pariyojana, Sagarmala, the Atal Mission for Rejuvenation and Urban Transformation, the Jal Jeevan Mission, and the Prime Minister?s Gati Shakti National Master Plan are expected to enhance the infrastructure sector, according to the domestic brokerage firm Axis Securities. The company's shares have delivered positive returns over the past three years, with a 30% increase so far this year. In Q3 FY24, the company reported a 32.14% YoY increase in its consolidated net profit, reaching Rs 1.85 billion compared to Rs 1.40 billion in the year-ago quarter.

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