PNC Infra surges on early completion of UP-based highway project

PNC Infratech jumped 10.56% to Rs 343.55 after its subsidiary, Hathras Highways received provisional completion certificate for Uttar Pradesh-based national highway project awarded by NHAI on HAM dated 7 December 2023.

The nature of order entails four laning of NH 530B from Gaju village to Devirragar bypass in the state of Uttar Pradesh on hybrid annuity mode (HAM) (Package- 1C).

The bid project cost stood at Rs 738 crore plus price index multiple amount as per the concession agreement.

The project's appointed date was 2 January 2023 and scheduled completion date was 31 December 2024. The company achieved 'provisional completion' (PCOD) with effect from 31 October 2024, 2 months ahead of the scheduled completion. Hence, it became eligible for early completion bonus to an extent of Rs 4.43 crore payable to concessionaire by Authority (NHAI) along with 1st annuity.

 

The provisional completion certificate dated 7 December 2024 declaring the project fit for entry into commercial operation with effect from 31 October 2024 has been issued by the independent engineer on 10 December 2024.

PNC Infratech is engaged in India's infrastructure development through the construction of highways including BOT (built, operate and transfer projects), HAM (Hybrid Annuity Model), airport runways, bridges, flyovers and power transmission projects, among others.

The company reported 43.57% drop in consolidated net profit to Rs 83.46 crore on 25.34% decline in revenue from operations to Rs 1,427.05 crore in Q2 FY25 over Q2 FY24.

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