Advait Infratech added 1.73% to Rs 1556.05 after the company announced that it has received letter of intent (LOI) from Gujarat Urja Vikas Nigam (GUVNL) for setting up battery energy storage system in Gujarat.
The contract awarded to Advait Infra is part of a larger initiative of GUVNL to install 500 MW/1000 MWh of standalone battery energy storage systems in Gujarat under tariff-based global competitive bidding (Phase-IV) with viability gap funding support.
The company would be responsible for the design, engineering, procurement, construction, and commissioning of the 50 MW/500 MWh system. The project awarded to Advait Infra has to be executed within a period of 18 months.
Advait Infratech is engaged in business of providing products and solutions for power transmission, power substation and telecommunication infrastructure fields.
The company's consolidated net profit declined 21.1% to Rs 4.3 crore on a 5.6% slide in net sales to Rs 46.19 crore in Q2 FY25 over Q2 FY24.
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