Shares of the massive civil construction company Ashoka Buildcon surged as much as 8% to Rs 272.25 on the NSE. The positive moment in the shares was observed after the Maharashtra State Road Development Corporation handed the construction company a letter of acceptance (LoA) for projects valued at Rs 3,982.25 crore.

The projects entail the City & Industrial Development Corporation of Maharashtra (CIDCO) in a joint venture fo a total consideration of Rs 1,673.25 crore, excluding GST.

Moreover, the company has also received LoAs for constructing major bridges in the Ratnagiri district of Maharashtra. These projects include a bridge across Jaigad Creek on the Revas Reddi Coastal Highway, which was bid at Rs 715.99 crore, and another bridge across Kundalika Creek between Revdanda and Salav on the same highway, which was bid at Rs 1,284 crore. 

Ashoka Buildcon also acquired a letter of clearance for the construction of a bridge that will span Bankot Creek and connect Veshvi to Kolmandla in Raigad, at an accepted bid price of Rs 310 crore.

The business sells ready-mix concrete and provides engineering, procurement, and construction (EPC) and built-operate-transfer (BOT) infrastructure facilities.

Ashoka Buildcon’s standalone net profit for Q1FY25 increased by 148% to Rs 40.80 crore compared to Rs 16.40 crore in the same quarter the previous year. cccc

The company’s total income increased by 22% YoY from Rs 1,557.20 crore in the comparable period to Rs 1,900.80 crore. Furthermore, the EBITDA margin increased from 6.1% to 7.6%, a 150 basis point (bps) improvement.

At 11:23 am, the shares of Ashoka Buildcon were trading 4.32% higher at Rs 262.50 on NSE.

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