Ashoka Buildcon rose 5.46% to Rs 68.55 after consolidated net profit soared 514.50% to Rs 70.42 crore on 14.6% increase in net sales to Rs 1,189.31 crore in Q2 September 2020 over Q2 September 2019.
Consolidated profit before tax (PBT) surged 104.3% to Rs 114.67 crore in Q2 September 2020 as against Rs 56.14 crore in Q2 September 2019. Current tax expense for the quarter jumped 35.8% to Rs 46.20 crore as against Rs 34.03 crore in Q2 September 2019. The Q2 result was declared after trading hours yesterday, 11 November 2020.
On a standalone basis, the company's net profit rose 44.1% to Rs 104.71 crore on 6.7% increase in net sales to Rs 877.47 crore in Q2 September 2020 over Q2 September 2019.
EBITDA for Q2 FY21 stood at Rs 181 crore as compared to Rs 162 crore in Q2 FY20, registering a 11.5% Y-o-Y (year-on-year) jump. EBITDA margin was at 19.5% in Q2 FY21. BOT division recorded a toll collection of Rs 224 crore in Q2 FY21.
Total order book of the company as on 30 September 2020 stood at Rs 9,300 crore. Of the total order book, contribution from Roads HAM and Roads EPC was at Rs 4,323 crore and Rs 3,247 crore respectively, Power T&D & others stood at Rs 905 crore, Railways at Rs 781 crore and CGD contributes the rest.
During the quarter, Ashoka Buildcon has a received LOA for two road projects worth Rs 1,390 crore from NHAI under Bharatmala Pariyojana (Package-I) in Bihar under EPC mode. Project entails two packages of four laning work on NH 319 (Old NH-30) on design chainage. Package I consists of four laning of Arrah to Pararia section and Package II consists of four laning of Pararia to Mohania section.
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Meanwhile, the board has approved the sale of 49% stake in one of its subsidiaries, Ashoka Technologies to Auriga IT Solutions at fair market value. The deal would take place in cash and is expected to be executed by 31 December 2020.
The board also approved to increase the stake inits Subsidiary viz. Ashoka Purestudy Technologies (APTPL) from existing 51% to 59% over a period of next three months by subscribing to the equity share capital of APTPL and/or acquiring shares from Purestudy Software Services (PSSPL), another shareholder of the company. The company would complete the acquisition by 31 December 2020.
Ashoka Buildcon is engaged in construction & maintenance of roads and supporting services to land support-operation of toll roads.
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