Ashoka Buildcon Ltd Share Price – NSE  /  BSE

Infrastructure Developers & Operators, Small Cap

Ashoka Buildcon has received Completion Certificate w.e.f. 02 April 2024 for its Hybrid Annuity Mode (HAM) Project of National Highways Authority of India (NHAI) vide letter issued by Independent Engineer on 04 April 2024 for the Project viz. 'Eight Lane Vadodara Kim Expressway from Km 279.00 to Km 292.00 (Ankleshwar to Manubar Section of Vadodara Mumbai Expressway) in the State of Gujarat under NHDP Phase - VI on Hybrid Annuity Mode (Phase IA-Package IV)' (Project).

The Company also announced that the said SPV has received a Completion Certificate for completion of 11.25 KMs out of total Project stretch of 13.00 KMs and balance 1.75 KM have been de-scoped by NHAI.

The Project is executed by Ashoka Ankleshwar Manubar Expressway (SPV), a wholly owned subsidiary of Ashoka Concessions, a subsidiary of the company. The SPV has been receiving Annuity amount for 11.25 KMs from NHAI already.

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Ashoka Buildcon has acquired 4,91,39,970 equity shares of Rs.10/- each fully paid-up, from GVR Infra Projects held in GVR Ashoka Chennai ORR (CORR), an Associate Company, out of total 9,45,00,000 equity shares to be acquired. CORR has become subsidiary of the Company post acquisition of these shares.

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Ashoka Buildcon has entered into a share purchase agreement (SPA) with GVR Infra Projects (GIPL) and GVR Ashoka Chennai ORR (CORR) for the acquisition of 9,45,00,000 equity shares held by GIPL in CORR, constituting 50% of the share capital of CORR, for a consideration of Rs.185 crore subject to terms as agreed under the Share Purchase Agreement (SPA).

Post-acquisition of 50% equity shares held by GIPL, CORR would become wholly-owned subsidiary of the Company with effect from the date of acquisition of all 9,45,00,000 equity shares.

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Revenue from operations jumped 35.86% year on year (YoY) to Rs 2,657.12 crore in the quarter ended 31 December 2023.

On standalone basis, net profit increased 29.87% to Rs 86.65 crore on 36.85% jump in revenue from operations to Rs 2,133.51 crore in Q3 FY24 over Q3 FY23.

Profit before tax stood at Rs 115.39 crore in the third quarter of FY24, registering a growth of 29.81% on YoY basis.

During the quarter, EBITDA jumped 39% YoY to Rs 205 crore while EBITDA margin increased to 9.5% in Q3 FY24 from 9.3% posted in Q3 FY23.

Consolidated debt was Rs 6,920 crore. The debt on a standalone basis stood at Rs 1,103 crore; which comprises of Rs 224 crore of equipment loans & Rs 878 crore of working capital loans.

BOT division recorded a toll collection of Rs 314 crore in Q3 FY24 which grew by 12% YoY.

As on 31 December 2022, total order book of the company was at Rs 13,167 crore.

Ashoka Buildcon is engaged in construction & maintenance of roads and supporting services to land support-operation of toll roads.

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