Shares of Ashoka Buildcon Ltd rallied 9% and hit an all-time high of Rs 200 on 3 June after the company announced that it was emerging as the lowest bidder for two projects worth Rs 2,153 crore from the Maharashtra State Road Development Corporation.

According to the company’s corporate filing, the first project is for constructing a significant bridge across Jaigad Creek, between Tawsal and Jaigad, on the Revas-Reddi Coastal Highway in Ratnagiri district, Maharashtra. The project is for an engineering, procurement, and construction (EPC) model and has to be completed in 36 months. 

The second project is also for constructing another major bridge over Kundalika Creek, located between Revdanda and Salav on the same Revas-Reddi Coastal Highway, which has to be completed within 36 months. 

In its quarterly earnings for January-March, the company reported a net profit of Rs 254.3 crore for the quarter under review from Rs 44.7 crore net loss reported in the same quarter of the previous fiscal year. 

The total revenue of the company during the quarter stood at Rs 3,138 crore, marking a 27% year-on-year increase from the same quarter last year. 

Earnings before interest, tax, depreciation, and amortisation (EBITDA) for the quarter grew 23% to Rs 721.3 crore. However, the EBITDA margin contracted by 60 basis points to 23% in Q4Fy24 from 23.6% in Q4FY23.

At 1:45 pm, the shares of Ashoka Buildcon were trading 6.43% higher at Rs 195.15 on NSE.