Ashoka Buildcon trades 5% down despite winning Rs 520-crore NHAI project

Ashoka Buildcon: The highway developer has recorded consolidated profit of Rs 109.8 crore for the third quarter of FY24, falling 20.6 percent compared to the year-ago period, impacted by a lower operating margin and a sharp increase in input costs. Revenue from operations grew by 36 percent YoY to Rs 2,657.1 crore for the quarter.

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Shares of Ashoka Buildcon fell 5 percent in the opening trade on February 8 even after the company received a Rs 520-crore project from the National Highways Authority of India (NHAI).

At 9:19am, Ashoka Buildcon was quoting at Rs 183.50, down Rs 9.50, or 4.92 percent, on the BSE.

"The company has received the Letter of Award (LoA) from the National Highways Authority of India (NHAI) for the project viz. request for proposal for six laning of Aurangabad to Bihar-Jharkhand Border (Chordaha), Section of NH-2 from km. 180+000 to km. 209+827 (PKG-I) in the state of Bihar under Bharatmala on EPC Mode," the company said in a press release.

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The company in the quarter ended December 2023 had posted a 20.7 percent fall in its net profit at Rs 109.81 crore as against Rs 138.37 crore in the same quarter last year. Revenue of the company was up 35.9 percent at Rs 2,657.1 crore versus Rs 1,955.82 crore, YoY.

The share touched a 52-week high of Rs 195.55 and a 52-week low of Rs 71.30 on 07 February, 2024 and 29 March, 2023, respectively. Currently, the stock is trading 6.16 percent below its 52-week high and 157.36 percent above its 52-week low.